The State Council held a standing meeting yesterday and decided to launch a pilot program for cross-border trade in RMB settlement in four cities in Shanghai and Guangdong Province. Experts believe that this will expand the scope and status of the use of the renminbi in the international trading system.
Enterprises can avoid exchange rate risk
The executive meeting of the State Council pointed out that under the current situation of coping with the international financial crisis, the renminbi settlement of cross-border trade will promote the development of economic and trade relations between China and neighboring countries and regions, avoid exchange rate risks, improve trade conditions, and maintain stable growth of foreign trade. Significance. The meeting decided to launch a pilot program for cross-border trade RMB settlement in Shanghai and Guangzhou, Shenzhen, Zhuhai and Dongguan.
In this regard, Zhao Xijun, deputy director of the Institute of Finance and Finance of the National People's Congress, said that after the pilot of cross-border trade settlement of RMB, it means that trade enterprises can directly settle in RMB, and the transaction transaction costs are greatly reduced. At the same time, the United States is currently issuing large amounts of dollars in response to the financial crisis, and the depreciation pressure on the US dollar has increased. The use of the renminbi as a trade payment can reduce the exchange rate that is settled in US dollars. Enterprises can flexibly cope with exchange rate changes.
Currency swap increases settlement amount
At the same time, RMB settlement of cross-border trade is also an important step in the internationalization of the RMB. Zhang Jun, deputy dean of the School of Economics of Fudan University, believes that the scope of the pilot will be expanded to a broader international trade area in comparison with the trial of RMB settlement in border trade in some regions at the end of last year, so that the use of the RMB in the international trading system can be expanded. Scope and status.
Combined with the previous 650 billion yuan currency swap agreement signed by the People's Bank of China and six countries and regions including South Korea and Malaysia, it is foreseeable that the amount of RMB settlement in these six countries and regions will increase greatly, increasing the renminbi throughout the international arena. The settlement ratio of trade.
Zhang Jun said that in general, the internationalization of the renminbi has to go through three stages: trade settlement in renminbi; financial transactions in renminbi; and renminbi as one of the world's reserve currencies. Although the RMB has become a long-term reserve currency in the world, the internationalization of the RMB has become a national strategic issue and will be carried out steadily.
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