The RMB "into the basket" 1st Anniversary international "circle of friends" is expanding

Add time：[2024-12-28]

From more countries included in reserve assets, to pay and investment functions are widely used, the renminbi to join the International Monetary Fund (IMF) special drawing rights (SDR) after a year of international currency basket, "circle of friends" continues to expand, continue to enhance the influence.
The currency of a country evolves from sovereign currency to international currency, which is usually the main payment currency of international trade, the main international investment and financing currency and the main international reserve currency. The RMB "into the basket" for a year, the three functions are progress.
With the steady development of China's economy and the stable exchange rate of RMB, foreign institutions have exceeded the trillion mark of holding RMB bonds. According to the latest data released by China national debt board and supernatant, in September, foreign institutions held RMB bonds scale reached 1 trillion and 42 billion 152 million yuan, a record high.
According to the global Interbank Financial Telecommunication Association (SWIFT) statistics, as of June 2017, there are more than 1900 financial institutions in the world use RMB as payment currency.  Singapore, Russia and other more than 60 countries and regions will be RMB into foreign exchange reserves.
Lagarde, President of IMF, said that the RMB will be recognized by the international community and become a free international currency. IMF, deputy director of the Asia Pacific region, Li Changyong, said that many people said that the RMB "basket" after the international use has not increased significantly, this view is short-sighted.
Some analysts pointed out that the RMB is recognized by more central banks and international investors, the reason behind this is that China's economic and financial market-oriented reforms to win more trust in the world. Eswar Prasad, a professor at the Cornell University and director of the IMF Department of China, believes that the importance and attractiveness of the renminbi as a global reserve currency will ultimately be determined by the market.
Singapore monetary authority believes that China has taken significant steps to open foreign exchange and securities markets to foreign institutional investors over the past two years. The HKMA is to see this situation before the yuan to be included in the official foreign exchange reserves singapore.
Zhang Yi, general manager of the Sydney branch of Bank of China, said that the reserve currency is a government action, and behind the government's behavior has its economic momentum. The rate of return on investment of RMB, the government investment of RMB is a wise behavior.
In November 30, 2015, IMF announced that it would bring RMB into SDR, with a share of 10.92%, and form a new basket with the US dollar, euro, yen and sterling. Last year's accession to the SDR, the international expansion of the scope of rmb.
According to SWIFT statistics, the RMB in September in the global trading share of 1.85%, is the world's sixth largest payment currency. The report pointed out that, considering the proportion of China's economy in the world economy, we can expect the RMB will occupy more share in the international payment in the future.
ICBC Thailand branch general manager Lin Shiqiang said in an interview with Xinhua, China and the ASEAN economic cooperation culture is profound, forming China ASEAN countries RMB investment circle will effectively improve the use of the yuan in ASEAN countries, promote RMB internationalization directly.
Experts pointed out that the RMB "into the basket" is not only an important symbol of the internationalization of the RMB jump, but also put forward higher requirements for the RMB exchange rate market.
Benefit from the favorable economic prospects and market-oriented reform and other favorable factors, the RMB exchange rate remained stable, and stable exchange rate and the internationalization of the RMB formed support.
Professor Farrokh Contelakte School of Rutgers University said, in the face of many challenges at home and abroad under the background of Chinese government through a series of control measures to achieve a good stability of the renminbi, which is remarkable.
The Pedersen Institute for International Economics senior researcher Tamim Baumi said that if the Chinese financial reform and RMB internationalization progress, expected future possible global dollar euro currency RMB "a situation of tripartite confrontation" pattern.