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Former President of the People's Bank of China, Zhou Xiaochuan, said at the 10th Caixin Summit today (8th) that RMB internationalization is actually a premature infant.He revealed that China had not intended to promote the internationalization of the RMB around 2010 and 2012 due to insufficient liquidity after the global financial crisis, which caused many countries to expand the use of local currency. Therefore, China, South Korea, Kazakhstan, Argentina, Argentina, Malaysia and other countries have begun to adopt the local currency exchange method to support trade and investment settlement to alleviate liquidity problems.
According to Sina Finance, Zhou Xiaochuan, who is currently chairman of the Chinese Society of Finance, recalled that at that time, the pilot was called to support the use of RMB in cross -border trade and investment, and later proposed the internationalization of RMB from a higher level.
Zhou Xiaochuan said that I think it (internationalization of RMB) should be a gradual process, but there may be some large steps. The emergence of these large steps: one is a crisis, and the crisis will cause a special demand.It is also the opportunity provided by the crisis.
There is also a possibility that if the major reserve currency occurs around the world, it provides a different opportunity for other currencies.This also includes whether the main reserve currency countries will apply too much financial sanctions.As soon as sanctions, others are thinking about using other currencies, not only on our own ideas, but also on the entire environment.
Zhou Xiaochuan also stated in his speech that the demand for the establishment of major central bank coordination mechanisms today is gradually emerging.He believes that the central bank of the world should have a collaborative mechanism in terms of global financial infrastructure construction and new technology management, especially the main central banks, especially the coordination of monetary currency, so that the global financial system is more stable.
Zhou Xiaochuan pointed out that in the past, the degree of globalization was not high, and the financial interactions and impacts of financial financial aspects of various countries were not so great. Monetary policy was mainly targeted at the targets of the country's price, financial stability, economic growth, and employment. HoweverVariety.
For three reasons, Zhou Xiaochuan believes that it should strengthen the coordination and cooperation mechanism between the central banks around the world.The first is the overflow of monetary policy.For example, the United States Federal Standard began to cut interest rates, and then many countries in the world followed up. This is because the world is closely linked and the common action is inevitable.
Followed by capital flow.Zhou Xiaochuan pointed out that the overall tendency of IMF in the past should not set too many obstacles for capital flow to improve the efficiency of global resource allocation.However, after the financial crisis, the IMF began to ask for capital flow, because the cross -border trade and investment levels are greatly improved today.
The third reason is based on the recent digital currency, the impact of global financial infrastructure.Zhou Xiaochuan pointed out that digital currencies were trying to solve global financial infrastructure, especially the weaknesses in cross -border payment, but at the same time, they also raised questions: How to manage such infrastructure?What role should major central banks play in the world?Especially after the release of the libra white paper in June this year, many discussions have appeared in this area.
