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Xinhua TIANJIN, June 12 (Reuters) RMB internationalization: opportunities and challenges co-exist

Xinhua News Agency reporter Mao Zhenhua Xu Yue Liu Yuanxu

direct exchange as the renminbi and the yen, the private sector is the voice of the internationalization of the RMB higher and higher, and forecast that the pound is expected to become the next object. In this regard, the industry held recently in Tianjin Jiabao Forum annual meeting of the RMB internationalization is a long process, and see opportunities need to realize that the risks.

RMB internationalization trend towards

From the 1st of this month, the pace of internationalization of the RMB forward and then step, directly against the yen trading in Shanghai, Tokyo, officially began. “In the long run, the yuan has the potential to be following the U.S. dollar, the euro, British pound, Japanese yen after the fifth-largest international reserve currency.” Bank of China, chief economist Cao Yuan Zheng comments that

In fact, the day of the yuan and the Japanese yen trading volume close to 1 billion yuan, the market responded positively. Prior to this, the yuan and the currency of Russia, Malaysia, Laos and other countries direct exchange, but as one of the currencies of the world’s third largest economy in the currency, the yen or the International Monetary Fund Special Drawing Rights “basket” , and is an international reserve currency, unusual significance.

“In addition to increasing the competitiveness of the RMB, will save a large number of exchange procedures costs, reduce risk.” The industry believes.

yen exchange only process one. In recent years, the voice for the internationalization of the RMB on the market higher and higher, a variety of factors are also driving the yuan to go abroad, to take on more international responsibility. The State Administration of Foreign Exchange deputy director Wang Xiaoyi said, after joining the WTO, China’s opening up increasingly integrated into the global economic process. The increase in foreign associated surge in demand for money, the first step in the internationalization of the RMB as a settlement currency.

for pilot trade settlement, According to statistics, as of early 2012, the proportion of yuan settlement in total trade has increased from 0.4% to 11%, increased significantly.

Wang Xiaoyi also said that both domestic and foreign foreign exchange market is getting closer and closer. If you can not provide the foreign exchange market trading products, you will not be able to truly reflect the market value, to the future investment risk. Capital account opening, the advance of the exchange rate market-oriented reforms, recognized by the international market will have implications for the internationalization of the RMB have a profound impact.