Trade between China and Southeast Asia countries, improving cross-border linkages will enable RMB clearing into China and Southeast Asia Trade and investment facilitation of major carriers and continuously enlarge the trade and investment will further enhance the role of the renminbi in Southeast Asia, to speed up the internationalization process. Analysts believe that, in view of my country's trade deficit in the ASEAN region, ASEAN countries most likely to become RMB "going out" first.
Urgent
Free trade zone deepens RMB clearing requirements
"North Bay economic region has a long tradition of RMB clearing and experience, as well as a more urgent RMB clearing needs. Countries such as China and Viet Nam have long-term border trade and cooperation between, on the border trade cooperation, RMB in trade between the two countries in settlement of funds and has played an important role, RMB clearing to promote trade and economic cooperation between the two countries played an important role. "Gulf Bank co., Ltd Teng Chong said.
There are a number of ways to gradually promote internationalisation process, ASEAN as China's fourth largest trading partner, the two sides have extensive trade ties, as renminbi internationalization strategy. Although China and ASEAN's overall financial cooperation between the still in its infancy, but both sides have made significant financial cooperation, effectiveness, and demonstrate broad prospects and great potential of this undoubtedly RMB internationalization development provides a solid foundation, and the China-ASEAN free trade area will further promote the RMB in East Asia region.
It is understood that the settlement of cross-border trade, the pilot launch of RMB greatly facilitated cross-border trade settlement RMB. Assistant to the President of Lee Dong Jung recently in the second China-ASEAN finance cooperation and development leadership forum that as of September, the RMB business cross-border trade settlement, and a substantial growth for cross-border trade Bank total RMB clearing business in 1971. Since the pilot expansion, the amount of RMB cross-border trade settlement in August and September of monthly increments are much higher than the $ 30 billion.
In the ASEAN countries, such as the Philippines, Malaysia and other countries, central banks and monetary authorities have RMB as official reserve currency, but in recent years and the ASEAN countries such as Malaysia, Indonesia, Singapore, signed bilateral local currency swap agreements, an increase of RMB international usage and coverage, to provide cross-border settlement RMB financial support, faster renminbi internationalization process.
As of the end of 2008, China and Thailand, the Philippines, Malaysia and Indonesia and other countries signed a total of 6 635 billion bilateral currency swap agreements. Since 2009, in order to work together to resist the financial crisis, Asian central banks to establish local currency exchange mechanism, the people's Bank of China and Indonesia, Malaysia, Singapore's monetary authorities signed a $ 3300 billion RMB currency exchange of bilateral trade, support direct bilateral trade and direct investment.
December 2009, the China-ASEAN joint participation in the establishment of total size is 120 billion dollars of foreign currency reserves in the Asian region, this area address liquidity and balance of payments problems. At the same time, the steady increase in foreign market institutions, encourages ASEAN financial institutions to set up branches in China and in the conduct of financial operations, the establishment of China-ASEAN investment cooperation fund to raise $ 1 billion for the first time, provide to the ASEAN countries of 150 billion credit line of concessions in the line of credit is increased to 67 million.
At the same time, the China-ASEAN free trade area of the building and development is the process of internationalization of the RMB has played a great role in promoting. China-ASEAN free trade area is completed, the gradual opening up of China's commitment to strengthen capital projects and to speed up the Renminbi flexibility RMB offshore development of financial markets, the ASEAN region as RMB cross-border trade settlement of important pilot areas, the Renminbi internationalization processes play an important role in promoting.
World Energy Finance academe China finance Research Institute HO Sai-red believes that China-ASEAN free trade area of the building, in promoting trade facilitation and economic integration processes, will lead to the settlement of cross-border trade, thus promoting the yuan renminbi internationalization. Mr. HO red that the Yuan in the surrounding areas of use and circulation are further expanded, RMB in the Asian region development become widely accepted currency had useful exploration. Therefore, the RMB as the free trade area of the main currency, the Renminbi internationalization.
In addition, bilateral trade volume is huge in China on the ASEAN regional cross-border trade settlement of RMB offers great support. China-ASEAN trade closely, ASEAN has become the fourth largest trading partner in China. The first three quarters of this year, with bilateral trade volume between China and ASEAN 2113.1 billion, an increase over the same period exceeded 43.7%, China import and export increase of 19 percent.
Cross-border trade RMB clearing business, in large measure to eliminate foreign trade enterprises on exchange rate issues of concern. Bank of China Guangxi branch President Yang exhibition-Peng said that cross-border trade use of RMB clearing, contribute to the effective prevention of foreign trade enterprises in the foreign exchange risk, control, profit expected, particularly conducive to the expansion of enterprises using geographical advantage and the ASEAN countries and trade exchanges, "in the promotion of exports, to reach the company's strong".
Bank supervisors long Hua Qing mountain view, in RMB in the ASEAN regional trade settlement from the widely used on China's banking industry to "go out". China cross-border trade in the earliest use of the Renminbi settlement was also the start of the ASEAN countries. Currently, Myanmar, Laos, Viet Nam and other ASEAN countries is second only to Hong Kong and Macao region of RMB mobile active. As the renminbi in the ASEAN region increased demand of domestic banks in providing RMB service advantages, commercial banks will be able to use its own in renminbi business aspects have comparative advantages in the business space.
Cycle
Return mechanism: RMB use will
"Carrying out cross-border RMB business, promoting the internationalisation process aimed at achieving trade and investment facilitation, the key is to increase the use of foreign counterparty
RMB wishes, this requires innovation development of the ' three channels ': first, the Renminbi source channels guarantee foreign enterprises have plenty of RMB payment; the second is RMB investment channels to ensure that foreign enterprises are abundant investment make the Renminbi appreciation; three is RMB clearing channels to ensure that offshore RMB to achieve fast and efficient flow of circulation. "Bank of China, lihui said.Assistant to the President of the Li said that China will continue to promote China-ASEAN trade currency settlement, promoting trade and investment facilitation, to reduce third party reliance money and currency risks, improve the relevant local currency settlement agreement to accelerate local currency settlement infrastructure building, while the establishment of cross-border flows of cash.
Lee Dong Rong also stated that to set up cross-border settlement currencies platforms, steadily conducting RMB to ASEAN countries currency trading transactions and exchange business and continue to work with the relevant national currency swap agreements signed.
In order to cope with the settlement of cross-border trade and broaden the RMB RMB Fund pilot back channels, may 2009, Malaysia's Central Bank has obtained qualifications outside qualified institutional investor (QFII), you can invest in the securities market in China. Malaysia currently is in ASEAN's biggest trading partner. According to customs statistics, January-September, China and Malaysia and export volume reached 540.24 billion, an increase of 52.3%.
In August of this year, China's foreign exchange market with Malaysia ringgit transactions. Industrial Bank senior economists, Political Commissar, Bank of China Shandong foreign exchange market currency transactions on ringgit and take the way determine their exchange rate inquiry mid-price, Chinese Renminbi exchange rate regime is an important step, is to promote the internationalization of RMB.
Some economists said the Renminbi to more foreign currency transactions, contribute to the promotion of China and other countries and regions between bilateral trade, easily bilateral currency trade settlement, meet economic entities to reduce exchange costs.
Bank of Shanghai Headquarters often Project Management Office Deputy Director Wu Ming said recently, people's Bank will continue to push other small currency trading transactions, RMB to small currency trading transactions will become a trend. Experts said that following the ringgit, future more currency especially emerging market countries currency exchange market is expected in China debut "staging."
At the same time in order to broaden the RMB return channels, 2010-August 16, people's Bank of China published on the offshore RMB clearing bank, three types of agencies use RMB investment inter-bank bond market pilot: notice of relevant matters, allow relevant foreign institutions into inter-bank bond market investment pilot.
The initiative for overseas institutions receive funding for necessarily of RMB value channels, is cross-border trade RMB clearing pilot necessary supporting initiatives that will contribute to facilitating cross-border trade RMB clearing business.
Cambodia and China Bank CEO party overseas Chinese students said that in promoting intraregional investments played a very important role in the hopes that China will be its foreign exchange reserve of investment in addition to the purchase of US dollars, euros, Japanese yen, you need to do more to buy the bonds of the ASEAN countries, while in the area of the capital market to the ASEAN countries, opening up more opportunities for investment.
We understand that our country is Renminbi exchange rate regime, increasing exchange rate flexibility, including stocks, bonds, derivatives, RMB financial market, ordered, and steadily opening capital project to create and improve the value of RMB international storage capabilities. These measures also makes ASEAN on the road in Renminbi internationalization has played an indispensable role in promoting. 12
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