How far is RMB from internationalization?

As the seventh largest payment currency in the world, the use of RMB abroad is becoming more and more active and wider. In the first three quarters of this year, the settlement of cross-border RMB trade reached 4.8 trillion yuan, and it is expected to reach 6.4 trillion yuan for the whole year, accounting for 25% of China's total cross-border trade. According to People's Daily Online, foreign currencies that can be directly traded with RMB this year include won, euro, pound, Singapore dollar and New Zealand dollar. Together with the previous Japanese yen, Australian dollar, Russian ruble and Malaysian ringgit, * * * a total of nine non-US dollar currencies can be directly traded with RMB.

According to the latest report of Bank of China, compared with 20 13, domestic and foreign enterprises have stronger expectations for RMB internationalization. Recently, offshore RMB clearing centers have been set up all over the world, which is beneficial for companies from all over the world to use RMB for cross-border transactions. 165438+ 10 In October, ICBC set up the first offshore RMB center in North America in Toronto, and the RMB clearing bank of Bank of Communications in Seoul officially opened.

Li Shanquan, managing director of Oppenheimer Fund Company in the United States, said in an interview with China Renmin University alumni at the new york Financial Forum that "the most important thing for a currency to be internationalized is that it needs to be freely convertible." From spot to futures, from ordinary people to investment institutions, from contracts to various currencies, it is necessary to gradually cultivate a freely convertible RMB market at all levels, make the RMB an internationally recognized currency symbol, and gradually improve the activity of this currency market.

Li Shanquan said that at present, information such as RMB exchange price has not been made public and transparent, mainly because all aspects of RMB free exchange are still immature:

First, China's financial management institutions do not have enough measures and experience to deal with the risks brought by the free convertibility of RMB. China's management agencies have rich experience in the relatively closed financial system, but they are relatively unfamiliar with the completely open financial market. When the money market is skyrocketing or plummeting, what kind of intervention the management organization should take is still being explored and studied.

Second, it takes more time to cultivate currency-related financial products and trading platforms. First of all, we should establish a foreign exchange trading center, which can allow people and investors to enter and conduct bank-enterprise transactions. Off-exchange settlement and futures trading can be carried out, and an open mechanism and a freely convertible platform will be gradually established.

Third, the cultivation of the market ultimately lies in the cultivation of people. The maturity of the market depends on the maturity of market participants. Market participants mainly include institutional and individual investors, as well as regulators. Now the government's influence on the market is far more than just a document. The government can intervene in the market by directly influencing transactions, and can also exert influence through policy guidance. This decision also requires regulators to have sufficient experience and level.

At present, how to improve the pricing power of RMB is still the focus in the process of RMB internationalization. Only by letting the whole world know that RMB is a price symbol can it become a reserve and settlement currency and truly realize the concept of so-called international currency.