RMB Eventually Bacome International Monetary System Important Member
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In recent days, the official foreign exchange market, the yuan traded Russian news attracted international media attention. This is the first time outside China yuan traded directly, some media called the RMB internationalization of the "ice-breaking trip."
This new settlement, not only in promoting economic and trade cooperation between China and Russia have a positive effect, but also the process of internationalization of RMB is an important step, is conducive to the diversification of the international monetary system.
First, the RMB against the Russian ruble foreign exchange market traded start is to achieve an important step in China-Russia bilateral trade settlement. The ruble is traded against the RMB in November this year, the fifteenth regular meeting of Sino-Russian Prime Minister one of the important results is the strategic partnership between the two countries a vivid manifestation of the deepening of China-Russia economic, trade and financial relations of historical significance.
Sino-Russian bilateral trade volume is expected to close this year, or more than 50 billion U.S. dollars, a move no doubt will further promote bilateral economic and trade relations. Russian Prime Minister Vladimir Putin told the media that it is strengthening economic and trade relations between Russia and China on the road, "a major step." People's Bank of China Deputy Governor Ma Delun believes that the move "will help reduce both banks and enterprises in trade between foreign exchange costs and exchange rate risk, and ultimately benefit the economic development of the two countries."
Second, the internationalization of RMB is also an important step in the process. China's GDP and trade volume are among the highest in the world, but it is not the only country in the world trade settlement currency of major trading countries, economic strength and international status of the renminbi in stark contrast.
In recent years, China has begun the process of the gradual internationalization of the yuan by currency swaps, cross-border trade settlement and other measures to successfully make the yuan to go abroad as an international means of payment or reserve means the international acceptance of the RMB has been greatly improved . Malaysian ringgit and the Russian ruble has traded foreign exchange market in China, the Chinese foreign exchange market has increased to seven varieties of foreign currency transactions. As more and more foreign currency in the foreign exchange market trading, foreign exchange market will inevitably produce the other countries demand for the renminbi is conducive to promotion of the RMB in the international foreign exchange market.
In addition, this initiative will also help promote the diversification of the international monetary system. The global financial crisis, so that almost all countries are subject to various extents, one of the important reasons is that countries dependent on the dollar. This also confirms the Nixon-era U.S. Treasury Secretary Connally's famous saying: "The dollar is our currency, but this is your trouble."
No one doubts the U.S. dollar for a long time in the future will remain the major international reserve currency, but the financial crisis, the international monetary system revealed the urgency of reform. Emerging market countries as a representative of the economies in China and Russia in the field of currency settlement efforts and attempts, although the short term will not affect the dollar's status, but is conducive to promoting international financial stability, and promote international monetary system, multi- technology in promoting reform of the international monetary system also plays an active role.
A short step, a thousand miles. Today, the RMB internationalization process "set sail", although also through the storm, face challenges, but people believe that a gradual, steady progress, the renminbi will eventually become the international monetary system, an important one. |
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By :
Jessie Stone
Submitted
2010-12-21 03:37:59 |
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