日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Economy

Reforms key for internationalization of RMB

(Xinhua) Updated: 2015-12-31 17:01

BEIJING -- More reforms are expected to be unveiled to accelerate the internationalization of the yuan, or the RMB, experts said Thursday.

"China has tasted the sweetness of reforms during the past year, when the RMB was admitted by the International Monetary Fund (IMF) into the currency basket of the Special Drawing Rights(SDR)," said Zhang Shuyu, a researcher with the University of International Business and Economics.

The RMB's inclusion into the SDR basket came after a flurry of reforms, including the exchange rate formation mechanism and cross-border interbank payment.

"China did not stop its reform steps after the IMF's SDR inclusion of the RMB and will not relax its efforts," said Zhang, citing the central bank's moves to pilot RMB convertibility on the capital account and publish the China Foreign Exchange Trade System (CFETS) exchange rate composite index on December 11.

The People's Bank of China (PBOC) approved RMB convertibility on the capital account within a prescribed limit of 10 million U.S. dollars for the Tianjin, Guangdong and Fujian free trade zones on Dec 11, a historic step by China to open up its capital accounts.

The move came less than two weeks after the RMB was admitted by the IMF into its SDR basket alongside the dollar, euro, pound sterling and yen on Nov 30.

China allowed RMB convertibility on the trade accounts nearly two decades ago, but almost all capital account transactions in the mainland remain under varying degrees of control.

On Dec 11, the central bank released the yuan exchange rate composite index measuring the currency's strength relative to a basket of other currencies to better reflect the market.

Analysts believe it will help bring about a shift in how the public and the market observe RMB exchange rate movements, as the CFETS exchange rate composite index measures the yuan's strength relative to a basket of 13 foreign currencies, including the U.S. dollar, euro and Japanese yen, weighted according to their trade volume with China.

"Compared with just one currency, a basket of currencies can better capture the competitiveness of a country's goods and services and better enable the exchange rate to adjust imports, exports, and investment activities and the balance of payments position," said the PBOC in a note.

However, valuing against a basket of currencies does not mean a peg to the basket, said the PBOC, adding that market demand and supply will also play a key role in formulating the interest rate.

The establishment of the China-initiated Asian Infrastructure Investment Bank on Dec. 25 in Beijing will also help the internationalization of the RMB, as it creates more possibilities for the international use of the currency, according to a report by Stcn.com, a People's Daily affiliate.

"In the future, China will unswervingly push forward financial reforms. The pace of market-oriented interest and exchange rate reforms will pick up speed," said Yang Ping, analyst with the People's Bank of China, on Wednesday.

China will seek to optimize the interest rate transmission mechanism and exchange rate formation mechanism as well as improve transparency of monetary policies, according to Yang.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 欧美 第一页 | 黄色免费观看网站 | 日韩在线一区二区三区 | 就操在线 | www.欧美色| 久久久久久国产精品 | 三上悠亚作品在线观看 | 成人黄色短视频 | 日本中文字幕在线播放 | 色婷婷久久久亚洲一区二区三区 | 蜜桃成人免费视频 | 国产免费一区二区三区免费视频 | 天天摸天天干天天操 | 国产福利视频在线观看 | 亚洲国产大片 | 国产乱子伦 | 国产综合久久 | 骚虎在线视频 | 人人天天夜夜 | 任我爽在线视频 | 97国产超碰| 在线免费观看国产精品 | 免费看毛片网站 | 永久免费黄色 | 久久毛片基地 | 日韩va在线 | theporn玉足脚交91 | 久久久久久久一区二区 | 欧美性猛交bbbbb精品 | 中文天堂在线播放 | 午夜精品视频在线 | 亚洲人人爱 | 国产一区二区激情 | 中文字幕第24页 | 亚州久久久 | 在线观看免费视频的网站 | 男女激情视频网站 | 欧美日韩国产一区 | 久久精品99久久久久久 | 久久久精品视频在线 | beeg欧美 |