Tuesday, August 12, 2014

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Chinese economist: RMB cross-border use there is still much room for development | China Star China Star News Chicago News
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According to data released by the Bank of China, January 2014 to May, China cross-border RMB settlement volume reached 3.065 trillion yuan, an increase of 66%, the expansion of cross-border use of the yuan from trade to investment, cross-border renminbi settlement The amount collapsible mug has been rapid development. However, advances in macroeconomic data, we should collapsible mug also see that the cross-border use of RMB in some countries is still in its infancy. According to statistics the Bank of Thailand, the 2013 Sino-Thai trade amounted to $ 430 million RMB settlement, accounting for only 0.8% to 0.4% and imports of Thai exports to China. Cao Yuan Zheng said that Sino-Thai trade and economic relations has its own characteristics, in Thailand to promote cross-border use of RMB also need to pull the large-scale investment projects.
2011, China and Thailand in Bangkok signed a scale of 70 billion yuan of Sino-Thai bilateral currency swap agreements, but so far the money has not been used passively. collapsible mug Thailand Chia Tai School of Management Professor Tang Zhimin believe that this phenomenon is also reflected from one side, there is a great use of the RMB cross-border collapsible mug development in Thailand. He said that the lack of financial infrastructure and trading tools are a major obstacle in Thailand to promote collapsible mug the RMB internationalization process, the need for sound from four aspects: "The first is the RMB clearing arrangements, collapsible mug is to establish the bank liquidation; second is RMB swap agreement financing in Thailand is updated currency swap agreements (in Thai currency swap volume) collapsible mug is 70 billion yuan, should explore how to use the funds to promote the renminbi swap agreements currency settlement; third is between RMB bank direct trading, the yuan and Thai baht can be direct transactions; without going through the dollar sets count; fourth is how timely launch of RMB investment products. "
March 2013 in Durban, South Africa fifth BRICS summit, collapsible mug BRIC leaders decided collapsible mug to set up a formal BRICS Development Bank. On the 15th of this month, the BRIC countries Brazil, announced the BRICS Development Bank start-up capital of $ 50 billion, by the five founding members of the average collapsible mug investor, headquartered in Shanghai, China. In addition, the Asian investment banking infrastructure initiatives by China is also actively collapsible mug preparation. Cao Yuan Zheng said that the two multilateral financial institutions are designed to provide long-term financial support for developing countries, and will provide opportunities for the further development collapsible mug of the RMB internationalization: "there is a problem in all developing countries is the wrong term distribution in developing countries need to have a long-term investment, but generally are short-term capital inflows. BRIC National Bank or, Asia Infrastructure Investment Bank or, are to solve this maturity mismatch is to provide long-term funding. The second also solve the problem of currency mismatch, so that the process collapsible mug of the currency in the bank is five BRICS countries, it is still the trend in a currency as the basic means of investment and financing, from this perspective, may also be an opportunity to bring the internationalization of RMB. "
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