The Process Of RMB Internationalization Has Come To A Milestone.

After China's accession to SDR, the process of RMB internationalization has attracted much attention.

Yesterday, the chief economist of the Bank of communications, Lian Ping, said in a forum on "RMB internationalization helping Shanghai's financial liberalization" that the development stage of RMB's nationalization process as a payment and settlement currency and asset currency will come to an end. In the future, it will enter the development stage of "negative debt + investment currency".

RMB joined in December 2015

After that, the process of RMB internationalization has come to a milestone, but the internationalization process can not rely solely on joining the SDR.

"There are two factors that will affect the future trend of RMB internationalization."

Lian Ping said.

At the level of monetary policy, China's monetary policy is robust and loose. At present, interest rates are still declining and liquidity remains loose.

And the United States has begun to raise interest rates. The future is definitely a rate increase channel. It is only a matter of fast and slow pace, high degree and low speed.

Compared with the opposite direction of operation, under the impetus of monetary policy, the US dollar may gradually become stronger in the longer term, but the RMB may still be relatively weak in the next stage, which will affect the internationalization process of RMB.

Secondly, the development space of RMB as "payment settlement currency + asset currency" is gradually saturated.

Over the past 7 years, as the currency of payment and currency of assets, the RMB has promoted the rapid development of internationalization.

Lian Ping said, along with

The development of RMB will gradually slow down as payment settlement currency and asset currency. In the next period of time, the RMB may enter a new stage of internationalization. The development of RMB in the mode of "liability currency + investment currency" is bigger.

Lian Ping also pointed out that the offshore financial market in Shanghai, as a very important and organic part of Shanghai's international financial market system, can expand offshore financial market as early as possible.

He said that in reality, after the accelerated development of the FTA, a lot of offshore related businesses were generated, but Shanghai did not plan, regulate and guide them in this respect.

Lian Ping bluntly: "at present, China's offshore stock market is less than RMB stock fund of 2 trillion, the scale is relatively small, but the early development of the RMB offshore market, or will bring more initiatives and security to China's future RMB internationalization."

How can we promote the rapid development of RMB in the new mode? Lian Ping said, first of all, the opening degree of China's capital [0.00%] market financial center should match the development speed of the new mode.

"If the financial center can not promote the opening up correspondingly, the financial center market, capital market and currency exchange remain in the old state, then the development of RMB as the liability currency and investment currency will be very difficult."

Lian Ping suggested that the development of debt money should be accelerated in the local market.

One is to increase the development of panda debt, the two is to promote the development of offshore bonds in the free trade area.

"Or at the early stage of the development of offshore bonds, there are restrictions on the direction of operation after the fund raising.

For example, at the beginning stage, it is mainly used for some restrictions within the region and outside the territory, and can be released at a certain stage. This will make the RMB as a liability currency to get a good development space.