The Japanese Economic News reported on February 28th that China is committed to creating a "strong RMB". The article compiles as follows:
On January 16, the opening class of the special seminars of the high -quality development of financial development at the main leading cadres of the provincial and ministerial level emphasized that the financial power should have a strong currency.Chinese leaders have clarified the attitude of attaching importance to the internationalization of the RMB, and are committed to building China into a "financial power" that has a strong sense of existence in the international market.
Including Brazil and the Middle East countries, China has been striving to expand the scope of the application of bilateral currency settlement.In Russia, which has suffered financial sanctions by the United States, Europe, and Japan, it has expanded to many fields such as petroleum transactions.In Russia's 2023 foreign exchange transactions, the RMB transaction volume has increased to more than three times that of the previous year, and for the first time, it exceeded the list of dollars.
The expansion of the scope of use of RMB is mainly concentrated in the trade between China and the rich countries.China imports oil and natural gas from Russia and the Middle East, purchases iron ore and soybeans from Brazil, and uses the status of big buyers to promote the development of RMB international payment.At the annual work conference held in early January, the People's Bank of China proposed a targeted policy of promoting the internationalization of RMB, especially to promote the use of RMB in key areas and regions.
Chief Researcher Miura Yosuke of the Institute of Basic Basic Institute pointed out: "China is intended to increase the risk of sanctions from the United States while increasing the international influence." In view of the Russian economy's campaign due to financial sanctions, China is anxious to be directly related to national security.The field of fields does not rely on the US dollar system.
In fact, the internationalization of the RMB is steadily advancing.According to statistics from the Global Banking Financial Communications Association (SWIFT), in January, the share of RMB in the international payment currency has reached 4.51%, and in the spring of 2023, the share is only about 2%.Later, the international payment share of the RMB surpassed the yen in November 2023 and ranked fourth in the world.
However, there is still a large gap between RMB and the number one US dollar (accounting for 46.64%) and the second euro (accounting for 23.02%).
Chinese foreign exchange reserves themselves also seriously rely on the US dollar.According to data from the China State Administration of Foreign Exchange, in 2018, the US dollar accounted for 57%of Chinese foreign exchange reserves.In recent years, China has begun to accelerate the sale of US debt and enrich gold reserves, but it is not easy to find high -liquid assets that are not inferior to US debt.
Although China hopes to have "strong currency", it can be said that RMB wants to be the basic currency that compares the dollar.One of the important reasons for China to take the open financial market so far is to worry about asset outflow.Strict capital supervision has also greatly reduced the charm of RMB as international currencies.(Compilation/Liu Lin)
