The expert inside course of study thinks, in the international monetary system, the yuan more should become the core reserve currency

From the royal bank of Scotland report to the United States, an economics professor at the university of California, Berkeley Barry Eichengreen forecast, the yuan has the potential to become a global reserve currency seems to have reached a global consensus. But industry experts also argue that, in the international monetary system, RMB should become the core reserve currency. In addition, the industry thinks generally, five years, future RMB internationalization process would be faster.

A few days ago, royal bank of Scotland (RBS) in its "issued by the offshore yuan market guide: the touchstone of RMB internationalization" report, says the yuan has the potential to become a global reserve currency. Report says, Hong Kong and other offshore RMB market growth, plus China economy enormous scale, will support the realization of RMB internationalization.

And recently, at the university of California, Berkeley Barry Eichengreen, an economics professor at red-carpet interview, improvement of China's comprehensive national strength has made RMB tailor-made for as a leading international monetary responsibility. He also thinks that future ten years the Chinese government will accelerate the pace of yuan RMB internationalization, expanding the scope of using will also increasing the status is high. He says for the next 10 years to dollars RMB enough in international economic system to challenge the hegemony.

More importantly, the yuan convertible has slightly from often project level to capital project level, suggesting that the change of RMB internationalization process further.

In August 2010, the central bank released "on the yuan clearing travel overseas investment Banks use renminbi three institutions market of the bond between the pilot related matters related to notice, allow outside agencies into the market of the bond between the bank investment pilot. In January 2011, the central bank and issued the foreign direct investment RMB pilot management method ", cross-border trade RMB pilot areas of Banks and enterprises can carry out foreign direct investment RMB pilot. This is our capital projects under the domestic study of open an important to try.

Not only that, the more the key is, the state administration of foreign exchange has revealed the 2011 Chinese capital project priorities, and foreign exchange administration made it clear that in promoting trade and investment facilitation, prevent cross-border capital flows risk while abnormal, to further advance RMB convertibility of capital.

"RMB capital items convertibility" has been incorporated into "1025" planning; The state council premier wen jiabao in report on the work of the government also pointed out that, "expand cross-border trade and investment of RMB in the use of", "advance RMB capital items convertibility work"; During the session, "international currency strategy" become representatives are and all walks of life are the focus of attention and discussion. The expert inside course of study thinks, this means, RMB internationalization process of 1025 "in" than during TuiJinHui thought before faster.

Ming source "Chinese textile nets"

Editorial: HongZhen