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

Home / Voices

China's RMB internationalization stays strong

(CCTV.com)

Updated: 2016-03-12 20:48:14

8.03K

Editor's note: The National People's Congress (NPC), China's top parliamentary body, and the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, convene its annual sessions, known as the “two sessions” on March 3-15, 2016, which marks a pivotal year as the nation continues on to embark with its reforms and opening up policy, shifting towards a “New Normal” for economic growth rates, starting its 13th Five-Year Plan for social and economic development over the next five years and confronting challenges on the foreign policy front. How will the NPC address those concerns? What do foreign experts and Overseas Chinese say? The Panview Column of CNTV has invited some of them to express their views on major issues to be discussed at the ongoing two sessions.

By Tom McGregor, CNTV Commentator

 

China's RMB internationalization stays strong

The Chinese renminbi (RMB) has joined the ranks as one of the most-widely used currencies in global markets. The United States dollar remains the world's top currency and would continue to hold that position for the years ahead, but China's economic rise has boosted the RMB's value as well.

CNBC reports that the RMB stands as the world's largest trade-finance currency after the US dollar. China's currency is expected to surpass the Japanese yen as the world's 4th-most used international currency.

According to a report published last July, the IMF's currency internationalization index revealed that in 2014, the RMB had accounted for 2.96 percent of worldwide trades, along with total direct investments valued at $US1.05 trillion. We can anticipate those numbers to soar higher in the future and for good reasons.

Reserves currency basket gets new member

The IMF has played a pivotal role in RMB internationalization. Last November, the organization agreed to include the currency into its Special Drawing Rights (SDR) reserve currency basket, alongside the US dollar, euro, British pound, and Japanese yen, and scheduled for inclusion this October.

IMF Managing Director Christine Lagarde endorsed the move as a “clear representation of the reforms” in China.

She said, “The continuation and deepening of these efforts will bring about a more robust international monetary and financial system, which in turn will support the growth and stability of China and the global economy.”

The IMF has sent a positive message to the world that China's currency deserves greater respect and recognition.

Taking the RMB abroad

The IMF made a smart move to invite the RMB into its currency reserves basket. For China's currency to be listed as an SDR, the organization had imposed stringent entry requirements.

The People's Bank of China (PBOC) had to deliver loads of RMB into the vaults of central banks of other countries to ensure that it can be a “freely usable” currency. Chinese tourists benefit, since they can exchange their RMB into foreign currency at banks and currency exchange counters located all over the globe.

Additionally, an increasing number of Chinese companies have made foreign direct investment deals via cross-border financial transactions. Chinese corporate outbound investments could result into profitable ventures later on, with RMB cash flow flooding back into the country.

Meanwhile, Beijing has entered the early stages of introducing a new bankwire system, known as China International Payments System (CIPS) that could replace the current international bankwire service, (SWIFT), when Chinese businesses operating abroad send remittances back home.

Expect steady RMB valuations

However, there's been much ado from the Western media about the value of China's currency dropping against the US dollar. RMB valuations have fallen nearly eight percent since last August. According to MoneyConverter.com, as of 4:00 pm Beijing-time, March 10, 2016, the conversion rate of RMB from the US dollar stood at 6.51425.

Nevertheless, PBOC Governor Zhou Xiaochun has repeatedly said that “there was no basis for further (RMB) depreciation.” His remarks infer that the medium and long-term outlook for China's currency would likely stabilize.

So we could expect China's economy to remain robust, while Beijing moves ahead on significant structural reforms including supply-side measures.

Pegging RMB to GDP growth trends

As the RMB emerges into a global powerhouse currency, its valuations against international currencies may move up and down to parallel closely with China's economic trends.

Whether that comes true is hard to say, but what remains certain is that RMB internationalization is here to stay and would continue to rise in global prominence for a long time to come.

主站蜘蛛池模板: 国产网站黄 | 久久精品国产一区二区三区不卡 | 国产中的精品一区的 | 中文字幕乱码无线码在线 | 久久国产视频在线观看 | 国内国语一级毛片在线视频 | 在线观看国产精成人品 | 在线看片 在线播放 | 日本三级香港三级人妇 m | 亚洲加勒比久久88色综合 | 全免费a级毛片免费毛视频 全午夜免费一级毛片 | 国产一级毛片国语版 | 又刺激又黄的一级毛片 | 成人国产精品视频频 | 国产高清一区二区 | 成人毛片在线视频 | 亚洲男人的天堂视频 | 色一伦一情一区二区三区 | 亚洲免费成人网 | 手机看片1024精品日韩 | 在线亚洲一区二区 | 久在线播放 | 日韩欧美一级 | a级在线观看 | 99热在线观看 | 欧美怡红院高清在线 | 成人自拍在线 | 久久久久依人综合影院 | 中国的毛片 | 正在播放国产一区 | 欧美一级毛片欧美一级成人毛片 | 久久久久久一级毛片免费无遮挡 | 欧美一级片在线视频 | 一本色道久久88加勒比—综合 | 日本无卡码免费一区二区三区 | 亚洲欧美另类专区 | 国产精品亚洲四区在线观看 | 91av手机在线| 久久手机在线视频 | 欧美大胆a| 国产精品手机视频一区二区 |