Entering the basket, the RMB will face the challenge of internationalization-popkart

The "basket" RMB internationalization opportunities and challenges facing imminent new network – in October 1st, the RMB will be officially joined the International Monetary Fund (IMF) (SDR) the SDR currency basket, a crucial step in the process of internationalization of the rmb. Experts said that the international market confidence in the renminbi will be further enhanced, promote RMB to the broader field, and will have a profound impact on the pattern of financial Chinese. RMB after joining the SDR, we still need to self oriented, actively and steadily push forward the reform and opening up measures, and steadily to achieve stable development of economy and finance, at the same time in order to promote two-way open financial market, promote market-oriented reform of interest rate and exchange rate. Internationalization is not smooth according to the IMF’s decision, the yuan in the SDR basket after basket to a corresponding expansion of US dollar euro and RMB yuan, yen and pound. The weights in the basket for RMB 10.92%, the weight of the dollar, euro, yen and Sterling are respectively 41.73%, 30.93%, 8.33% and 8.09%. Experts believe that the yuan in SDR is expected to open a new market structure, but also has not been. Renmin University of China, deputy director of the International Monetary Institute Tu Yonghong pointed out that after joining SDR, the internationalization of the RMB faces several challenges, one is the devaluation trend. A few years ago, many international investors holding renminbi is mainly driven by the expectation of RMB appreciation, if their future holdings, will form a certain pressure; the two is Chinese now is in the period of economic transition; the three is with the recovery of American economy, the strong performance of the dollar. Bank chief economist Lian Ping said that the yuan in SDR will enhance its international influence. As the SDR value of currency, the RMB market will lead to more attention to RMB, countries will gradually hold rmb. Holding amount depends on the renminbi in Global trade, investment and financial transactions in the actual use of the coverage. In the affirmation of the yuan in the SDR will help boost the global demand for RMB at the same time, also need to objectively look at, can not overestimate its effect on global demand increase of rmb. Lecturer at Renmin University of China School of finance, Luo Yu believes that with the degree of internationalization of the RMB, Chinese banking external environment will change, internationalization will usher in a huge development space, promote its to accelerate the upgrading of overseas business scale and sources of income in the two dimensions of customer and product. With overseas business assets and revenues accounted for the rise, Chinese banks will face a more complex market environment and regulatory requirements, the risk exposure in terms of quantity and structure will be a big adjustment, need to constantly strengthen the risk control mechanism, prevention of various risk events that may have an impact. Regulation and reform of both the central bank said the yuan SDR basket means that the international community will be a higher standard and international monetary responsibility view China financial reform and opening up. RMB into SDR is not once and for all, Chinese need to continue the process of reform and opening up, the yuan to become worthy of the name SDR money. RMB into SDR on China’s monetary front

入“篮”在即 人民币直面国际化机遇挑战-中新网   10月1日,人民币将正式加入国际货币基金组织(IMF)特别提款权(SDR)货币篮子,人民币国际化进程迈出关键一步。专家表示,国际市场对人民币的信心将进一步增强,推动人民币走向更广的领域,并将对中国金融格局产生深远影响。人民币加入SDR后,仍需以我们自身为主导,积极稳妥地推进各项改革和开放措施,稳妥地实现经济和金融的稳定发展,同时有序推进金融市场双向开放,推进利率和汇率的市场化改革。   国际化并非坦途   根据IMF的决定,人民币纳入SDR货币篮子后,货币篮子相应扩大至美元、欧元、人民币、日元、英镑。人民币在篮子中的权重为10.92%,美元、欧元、日元和英镑的权重分别为41.73%、30.93%、8.33%和8.09%。   专家认为,人民币纳入SDR有望开启新的市场格局,但也并非一路坦途。中国人民大学国际货币研究所副所长涂永红指出,加入SDR以后,人民币国际化面临几个挑战,一是人民币贬值的趋势。许多国际投资人前些年持有人民币主要是人民币升值预期驱动的,他们未来如果减持,会形成一定的压力;二是现在中国经济处于转型期;三是随着美国经济的复苏,美元表现强劲。   交通银行首席经济学家连平表示,人民币纳入SDR后将提升其国际影响力。成为SDR定值货币之后,人民币会引发市场对人民币更多的关注,各国会逐步持有人民币。持有量取决于人民币在全球贸易、金融和投资交易中实际使用的覆盖面。在肯定人民币纳入SDR后有助于提振全球对人民币需求的同时,也要客观地看待,不能过高估计其对全球增加人民币需求的作用。   中国人民大学财政金融学院讲师罗煜认为,随着人民币国际化程度的提升,中资银行业的外部运行环境将发生显著变化,将迎来巨大的国际化发展空间,推动其在客户和产品两个维度加快提升海外业务规模及收入来源。随着海外业务资产及收入占比的上升,中资银行将面临更加复杂的市场环境和监管要求,其风险暴露在数量和结构方面都将出现大的调整,需要不断强化风险管控机制,防范各种风险事件可能带来的冲击。   监管与改革并重   央行表示,人民币跻身SDR篮子意味着国际社会将以更高标准和国际货币责任的眼光来看待中国的金融体制改革和对外开放。人民币加入SDR并非一劳永逸,中国需继续推进改革开放的进程,使人民币成为名副其实的SDR货币。   人民币加入SDR对我国货币政策框架和汇率制度提出了更高要求,国际社会将希望我国货币政策框架和汇率制度更加市场化、更加灵活、政策透明度更高、政策沟通更有效。人民币加入SDR对我国资本项目和资本市场开放提出了更高要求,对金融监管和综合宏观调控能力也提了出更高要求。   中金公司首席经济学家梁红认为,正式加入SDR后,中国仍有必要适时继续推动银行间债券和外汇市场的发展与开放。特别是国际借贷通常期限很长,但中国的债券和外汇市场上较长期限工具的交易还不活跃,甚至缺失。离岸、在岸汇差依然存在,降低了人民币的可使用性。资本账户开放有待继续推进。记者 刘国锋相关的主题文章: