RMB internationalization quietly into conflict The world today, among the economic game is like a war of no smoke. Those who fight, there must be &quot;exact odd wins,&quot; the actual situation of the Road. Therefore, &quot;The Art of War&quot; goes: &quot;those who attack and will take, they do not keep too attack. Shou and who will be solid, keep it not too offensive.&quot; In July most of the time, the market&#39;s attention has been drawn to two things, on: First, China in the first half economic data released, the second is the aftermath of the ensuing decision-making right in the second half set the tone for macroeconomic policy. After that, both these issues are not pleasant surprise. But in another war, China has made rapid progress, which is RMB internationalization. In July, the Chinese government at least five major movements are relevant. First, the RMB exchange an agreement for the next city. July 23, the central bank announced that it has signed with the Monetary Authority of Singapore 150 billion yuan (/ S about 300 million) of bilateral currency swaps. This period also came from South Korea, local media sources, the South Korean government is considering an indefinite period with the Chinese currency swap agreement entered into the program. Second, Hong Kong &quot;offshore yuan market,&quot; the building of new breakthroughs. July 19, the Mainland and Hong Kong signed a revised &quot;Bank of renminbi business in Hong Kong, the settlement agreement&quot; with the expansion of the yuan trade settlement supplementary memorandum of cooperation. Under the agreement, Hong Kong banks to open RMB accounts for financial institutions and providing services is no longer restricted, and among individuals and enterprises can freely through the banking payments and transfers of RMB funds. Third, foreign exchange reserves to adjust speed. In short, China&#39;s foreign reserve adjustment reflects the recent &quot;one by two-by&quot; reducing the U.S. debt, increasing debt and the date the debt is in Europe. Fourth, China is expected to expand the foreign exchange market trading products. Dow Jones disclosed that China is considering allowing the Malaysian ringgit in the first domestic currency transactions in order to promote the expansion of the scope of cross-border trade settlement of RMB plans. Fifth, the five-year term of the accused expected the national financial work conference held later this year two years in advance. Above each of these events out of view, not a small event, on usually will lead to the so-called mainstream circles of Western criticism, and China will be cautious to do these things at different times or without saying anything. Today, China is almost the same time these front breakthrough, which revealed two important messages: First, China has invested RMB internationalization &quot;war power&quot; than the previous assessment of the people of China in July of action, that China has had the same time on many fronts to promote the ability of RMB internationalization. Second, China&#39;s such a positive attitude that has entered the RMB internationalization &quot;accelerated phase&quot;, walking from the small step turning at full speed, and in July of these actions can be regarded to some extent the build number of RMB internationalization. If so, it shows that China has made good preparations to meet the sudden acceleration of RMB internationalization may bring challenges to prepare. In our view, China has accelerated internationalization of RMB reveal the intention of the early recovery of the world economy was accelerating the internationalization of RMB as strategic opportunities. To arrange, China will achieve &quot;external storage relocation within the domestic debt with a +&quot; of the twin objectives of the yuan has shown signs prototype circular chain.
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