Party Newspapers: The World'S Big Cities Want To Build Offshore Centers To Compete For Renminbi Business.

< p > with the acceleration of China's economic development and the internationalization of RMB, RMB is becoming more and more popular overseas. Many international financial centers hope to strengthen renminbi business and become an offshore RMB trading center.

London, Luxemburg, Paris, Frankfurt and Geneva are reportedly competing for Renminbi trading in Europe.

Cities such as Hongkong, Singapore, Tokyo, Kuala Lumpur, China and Taipei are striving to become a trading hub for the renminbi in Asia.

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< p > < strong > inventory Advantage Competitive center < /strong > < /p >

Less than P, nowadays, the world's old a href= "http://www.91se91.com/news/index_cj.asp" and the financial "/a" center do not want to lose weight with the increasingly heavy RMB.

"London is a natural offshore RMB trading center.

We hope this will further consolidate London's position as the largest offshore renminbi centre in Europe. "

Boris Johnson, mayor of London, said.

London seems to have taken the lead in competing for the RMB offshore trading center, and won the power to buy up to 80 billion yuan of mainland stocks, bonds and money market instruments in China.

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P, but Luxemburg from Europe is not discouraged. The country recently stressed its intention to gain a larger share of the offshore renminbi business in Europe.

According to Luxemburg's central bank, the country also manages 214 billion yuan of assets.

According to the data of PWC (PWC), Luxemburg's offshore RMB loans totaled about 62 billion yuan, the highest level in Europe and 40 billion yuan in Renminbi deposits, the highest in the euro area.

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Hongkong is the largest offshore renminbi trading center in Asia. Recently, Singapore is catching up with P.

It is understood that in addition to being able to directly buy so-called "dim sum bonds" and bond funds, Singaporean investors can also invest in various Renminbi denominated financial products designed by Singapore bank.

In October 22nd, China and Singapore reached an agreement that financial institutions in Singapore could use Renminbi to directly buy and sell RMB A shares and bonds in Shanghai and Shenzhen, with a quota of 50 billion yuan.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_cj.asp > RMB > /a > assets favored overseas > /strong > /p >

"P > countries compete for Renminbi" business "because the renminbi is becoming more and more active on the international stage.

The global bank financial communications association said that in August this year, the renminbi had surpassed the Swedish Crown and the Russian rouble, becoming the most active currency in the eighth largest trading market in the world with a market share of 1.49%.

In January 2012, the RMB was ranked 11, with a market share of 0.92%.

From then on to August this year, the volume of RMB foreign exchange trading surged by 113%.

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< p > with the growth of China's economy, the volume of RMB trading in international market is increasing sharply.

According to statistics, about 18% of China's Global trade is denominated in Renminbi.

For those enterprises that trade with China, the use of Renminbi can reduce the cost and risk of foreign exchange.

According to HSBC's report, more than half of the Chinese market enterprises and 73% of the global market enterprises indicated that they would increase the use of RMB in related businesses in the future. If the cross-border trade settlement was carried out in RMB, 56% of the enterprises in the mainland of China indicated that they would be willing to give appropriate price concessions to the foreign trade partners of the sea.

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"P", "everyone contends for the offshore RMB center, on the one hand, it shows that China's economic growth makes RMB assets attractive to overseas investors. On the other hand, it is also the inevitable content of RMB internationalization, so that more and more RMB can be held by foreign subjects, so that the degree of internationalization of RMB can be enhanced."

The director of the Research Institute of the Institute of finance of the Chinese Academy of social sciences has just analyzed the interview with our reporter.

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< p > < strong > promote internationalization process in an orderly manner < /strong > /p >

< p > many experts are confident of the future development of RMB internationalization.

Wu Xiaoqiu, a professor at Renmin University of China, points out that the internationalization of RMB is divided into two steps, first of all, to make it a tradable currency, then the interest rate to be marketed and the renminbi to be freely convertible, which is an important measure for the internationalization of RMB.

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The reform proposal put forward by experts P put forward that RMB should become the main currency of international settlement and investment valuation in 10 years and become an international reserve currency in partial market.

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"P" has just pointed out that because of the low starting point of RMB internationalization in China, there is still room for further development.

He said: "at present, the influence of China's economy in the world is increasing day by day. At the same time, there is a great demand for RMB assets in overseas markets. This is the favorable opportunity to promote the internationalization of RMB."

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< p > "but promoting the internationalization of RMB needs to be carried out step by step, orderly, and can not be released at once, and can not be internationalized for internationalization."

Zeng has just warned that the internationalization of RMB can not be divorced from the need of < a href= "http://www.91se91.com/news/index_cj.asp > real economy < /a >. In the process of promotion, it will involve the opening of capital account. We should conduct appropriate supervision over short-term speculative capital flow projects and not let go of them, otherwise they will have a negative impact.

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