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
Opinion / From the Press

Internationalization of RMB should respect market’s roles

By Li Yang (chinadaily.com.cn) Updated: 2014-04-03 08:53

The internationalization of renminbi should respect the market’s roles and reduce its reliance on government actions, says an article from the 21st Century Business Herald. Excerpts:

China signed renminbi clearing and settlement memorandums of understanding with the United Kingdom and Germany recently. The internationalization of renminbi takes another step forward.

The booming renminbi offshore centers in China’s Hong Kong, Shanghai and Taiwan, as well as in Singapore have attracted more developed countries to join the competition.

However, unlike the market-centered US dollar market in the Europe, the offshore renminbi markets under construction are based on bilateral local currency swap agreements between central banks of China, and the other countries and regions. The trade clearing and settlement are mainly carried out by the special financial agencies appointed by the governments.

The selection of renminbi centers is performed by the governments, and there isn’t competition among the centers.

Compared with the mature US dollar, renminbi is not yet an international currency, and its pricing is still strongly affected by the green backs.

The United States has developed financial markets, especially a mature bond market, which ensures resource distribution in its offshore financial market is conducted according to market rules.

The bond markets in China are much less developed. There is still a long way to go for China to improve its resource distribution efficiency and risk pricing mechanism. The tight control of capital accounts and the interest rate market also restricts the growth of the renminbi offshore market.

The unpredictability of renminbi assets’ credit lowers the attraction of renminbi assets in abroad.

The internationalization of renminbi still relies on its appreciation against the US dollar. The interest arbitrage based on exchange rate of renminbi will dwindle, because the currency’s value to the US dollar fluctuates. This is not good for the internationalization of renminbi.

In this sense, the wide spread of renminbi’s offshore trade centers cannot avoid the possible issues associated with renminbi assets’ pricing. That is to say, once renminbi has different pricing in different offshore markets, renminbi can probably follow the footsteps of the yen, which has become a pure arbitrage currency. This is the trap of yen’s internationalization.

The government must not underestimate the management and control costs behind such a global offshore market system that is built artificially, instead of maturing in market ways.

The cooperative and complementary relations between the supervision and market can easily evolve into a cat-and-mouse game.

Most Viewed Today's Top News
...
主站蜘蛛池模板: 欧美精品成人一区二区视频一 | 日韩免费看片 | 免费一级欧美大片在线观看 | 国产精品综合久成人 | 日韩亚洲欧美综合一区二区三区 | 我要看一级大片 | 手机在线观看亚洲国产精品 | 亚洲成在人线中文字幕 | 色熟 | 日韩欧美视频一区 | 欧美日韩精品高清一区二区 | 欧美二区在线观看 | 手机在线精品视频每日更新 | 日韩freesex呦交 | 亚洲91精品 | 久久精品国产精品亚洲 | 欧美大片一级特黄 | 最新最好看免费毛片基地 | 免费一级a毛片在线播 | 日韩在线免费视频 | 久久99亚洲网美利坚合众国 | 亚洲午夜网站 | 精品久久久久久综合日本 | 夜色视频一区二区三区 | 亚洲精品一区二区中文 | 久久久国产亚洲精品 | 美国一级片在线 | 亚洲最新在线视频 | 成人公开免费视频 | 一级毛片私人影院免费 | 亚洲成人一级片 | 特级毛片永久久免费观看 | 波多野结衣被强在线视频 | 精品国产亚洲人成在线 | 国内精品美女写真视频 | 国产亚洲福利一区二区免费看 | 欧美国产亚洲一区 | 久久精品免费一区二区三区 | 亚洲精品综合一区二区三区 | 国产成人综合网在线播放 | 亚洲高清国产品国语在线观看 |