www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

Reforms key for internationalization of RMB

(Xinhua) Updated: 2015-12-31 17:01

BEIJING -- More reforms are expected to be unveiled to accelerate the internationalization of the yuan, or the RMB, experts said Thursday.

"China has tasted the sweetness of reforms during the past year, when the RMB was admitted by the International Monetary Fund (IMF) into the currency basket of the Special Drawing Rights(SDR)," said Zhang Shuyu, a researcher with the University of International Business and Economics.

The RMB's inclusion into the SDR basket came after a flurry of reforms, including the exchange rate formation mechanism and cross-border interbank payment.

"China did not stop its reform steps after the IMF's SDR inclusion of the RMB and will not relax its efforts," said Zhang, citing the central bank's moves to pilot RMB convertibility on the capital account and publish the China Foreign Exchange Trade System (CFETS) exchange rate composite index on December 11.

The People's Bank of China (PBOC) approved RMB convertibility on the capital account within a prescribed limit of 10 million U.S. dollars for the Tianjin, Guangdong and Fujian free trade zones on Dec 11, a historic step by China to open up its capital accounts.

The move came less than two weeks after the RMB was admitted by the IMF into its SDR basket alongside the dollar, euro, pound sterling and yen on Nov 30.

China allowed RMB convertibility on the trade accounts nearly two decades ago, but almost all capital account transactions in the mainland remain under varying degrees of control.

On Dec 11, the central bank released the yuan exchange rate composite index measuring the currency's strength relative to a basket of other currencies to better reflect the market.

Analysts believe it will help bring about a shift in how the public and the market observe RMB exchange rate movements, as the CFETS exchange rate composite index measures the yuan's strength relative to a basket of 13 foreign currencies, including the U.S. dollar, euro and Japanese yen, weighted according to their trade volume with China.

"Compared with just one currency, a basket of currencies can better capture the competitiveness of a country's goods and services and better enable the exchange rate to adjust imports, exports, and investment activities and the balance of payments position," said the PBOC in a note.

However, valuing against a basket of currencies does not mean a peg to the basket, said the PBOC, adding that market demand and supply will also play a key role in formulating the interest rate.

The establishment of the China-initiated Asian Infrastructure Investment Bank on Dec. 25 in Beijing will also help the internationalization of the RMB, as it creates more possibilities for the international use of the currency, according to a report by Stcn.com, a People's Daily affiliate.

"In the future, China will unswervingly push forward financial reforms. The pace of market-oriented interest and exchange rate reforms will pick up speed," said Yang Ping, analyst with the People's Bank of China, on Wednesday.

China will seek to optimize the interest rate transmission mechanism and exchange rate formation mechanism as well as improve transparency of monetary policies, according to Yang.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 国产欧美另类久久久精品免费 | 日韩久久一区二区三区 | 中文字幕 亚洲 一区二区三区 | 狠狠综合久久久久综合小说网 | 久久综合网址 | 中文字幕在线成人免费看 | 欧美一级网址 | 国产精品久久久久久久hd | 欧美国产精品久久 | 日韩字幕一中文在线综合 | 久久久久99精品成人片三人毛片 | 亚洲精品久久久久久久777 | 国产在线精品一区二区夜色 | 免费成人高清 | 久久免费高清 | 成人在线免费观看网站 | 亚洲在线一区二区三区 | 国产精品国产三级国产an | 国产毛片一区二区三区精品 | 亚洲三级精品 | 久久99精品久久久久久久不卡 | 亚洲综合久久久 | 免费区一级欧美毛片 | 久草在现| 91欧美视频| 免费黄色一级网站 | 欧美成人影院在线观看三级 | 久久国产精品自线拍免费 | 澳门毛片免费观看 | 午夜丝袜美腿福利视频在线看 | 国产亚洲综合在线 | 欧美中日韩在线 | 九九九九九九精品免费 | 国产三级网站 | 6一12呦女精品 | 国产日产欧产精品精品推荐在线 | 亚洲精品中文字幕一区在线 | 亚洲国产欧美日韩第一香蕉 | 久久久综合久久 | 午夜性爽视频男人的天堂在线 | 欧美一级毛片高清免费观看 |