www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

RMB developing quickly as major world currency

By JIANG XUEQING (China Daily) Updated: 2014-07-21 07:21

The renminbi is on track to become the third-largest international currency behind the US dollar and the euro within five years as China accelerates its promotion of the yuan, said a Renmin University of China report released on Sunday.

RMB developing quickly as major world currency?
Foreign companies yet to tap full potential of renminbi in trade
Last year, RMB cross-border trade settlement amounted to 4.63 trillion yuan ($746 billion), up 57.5 percent from 2012. It accounted for 2.5 percent of cross-border trade settlement worldwide, the report said.

By the end of the fourth quarter of 2013, direct investment settled in renminbi amounted to 533 billion yuan, 1.9 times the same period in 2012.

The RMB is currently the fifth-most widely used currency internationally. The British pound is third and the Japanese yen fourth.

The offshore yuan market has been developing rapidly in recent years, and this year the People's Bank of China signed a memorandum of understanding regarding yuan clearing and settlement arrangements with the central banks of the UK, Germany, Luxembourg, France and South Korea.

Chen Yulu, president of Renmin University and member of the central bank's monetary policy committee, said the offshore yuan market in Europe has huge potential since major European financial centers are competing for the market.

Wei Jianguo, vice-chairman of the China Center for International Economic Exchanges, suggested the government establish additional centers in places such as Dubai, South Africa and Latin America.

In spite of the rapid expansion of the RMB, its internationalization still faces many challenges including technical difficulties using the currency globally.

"To resolve the problem, China has to build a safe, efficient and low-cost offshore RMB clearing system as soon as possible," Chen said.

"In addition, the regulators must create a legal framework for the offshore RMB market and make sound regulations to stop money laundering and tax evasion via offshore yuan transactions."

At present, Chinese financial institutions are relying mainly on traditional offshore yuan businesses such as RMB trade settlement and deposit.

They have to innovate on products to deepen and widen the offshore RMB market, Chen said.

By the end of 2013, the outstanding volume of international bonds and bank notes denominated in renminbi rose 24.9 percent year-on-year to $71.9 billion.

The issuers of RMB-denominated bonds started to expand out of Hong Kong, with countries such as Japan and Canada joining in.

As Chinese economic power continues to grow, an increasing number of countries have become willing to accept the renminbi as a reserve currency. By the end of 2013, the PBOC had signed currency swap agreements involving a total of 2.57 trillion yuan with 23 countries and regions, the report said.

 

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 欧美日韩视频一区三区二区 | 精品久久久久久久九九九精品 | 国产欧美一区二区久久 | 特级毛片aaaa免费观看 | 一级中国乱子伦视频 | 国产区网址| 亚洲自拍偷拍图 | 人操人摸 | 5388国产亚洲欧美在线观看 | 超级香蕉97视频在线观看一区 | 久久福利国产 | 日韩欧美一区二区不卡看片 | 国产精品亚洲片在线观看不卡 | 成人a免费α片在线视频网站 | 在线成人a毛片免费播放 | 中文字幕日韩精品中文区 | 91亚洲自偷手机在线观看 | 国产免费一级片 | 亚洲成av人片在线观看无码 | 国产一级视频久久 | 日本在线亚州精品视频在线 | 国产a级午夜毛片 | 一级做a免费视频观看网站 一级做a爰 | 中文字幕亚洲另类天堂 | 欧美黄视频网站 | 99这里只有精品视频 | 成人黄色免费网站 | 欧美一级毛片片免费孕妇 | 久久亚洲精品国产精品777777 | 成人精品视频在线观看 | 日韩在线观看一区 | 99视频在线看 | 国产一级特黄全黄毛片 | 免费人成在观看 | 国产在线精品一区免费香蕉 | 亚洲国产cao| 免费国产成人 | 成人欧美网站免费 | 美女黄色片免费 | 精品免费久久久久久成人影院 | 国产系列在线观看 |