Zhou Xiaochuan: The Cross Border Use Of RMB Is Still In Its Infancy.

In April 10th, at the "Hongkong dinner party" of the Boao forum for Asia in April 10th, Zhou Xiaochuan, President of the central bank [micro-blog], said that the Shanghai and Hong Kong through mechanism conformed to the development trend of the international a href= "http://www.91se91.com/news/index_c.asp" and the capital market < /a > internationalization, which is conducive to consolidating the status of the international financial center of P and improving the mechanism of the mainland's capital market.

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< p > Zhou Xiaochuan said, at present, the cross-border use of RMB has been greatly improved, but objectively speaking, this is still in the initial stage, and there will be a long development process in the future.

From the regulatory point of view, we should do our homework well.

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< p > he thinks that the problem of exchange between mainland a href= "http://www.91se91.com/news/index_c.asp" > RMB < /a > and Hongkong Hong Kong dollar should be carried out in two stages.

One stage is the current account, and investment projects like Shanghai and Hong Kong will continue to be capital projects.

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< p > "in fact, the past regulations were" a href= "http://www.91se91.com/news/index_c.asp" > the current account < /a > gradually liberalized. In the new century (19.48, 1.77, 9.99%), the beginning was to accept Renminbi from tourist exchanges and shops, accept credit cards, and then make the exchange of current account items. There are actually more boundaries. "

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< p > he said that the Shanghai and Hong Kong links are also a new challenge to the central bank. We should encourage two-way investment, and of course, all the supporting management policies and other related reforms should be followed up step by step.

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< p > related links: < /p >

< p > because for the exchange rate changes of a country's currency, although the fundamentals of the market are quite important, it must be built on the premise of the complete marketization of the RMB exchange rate formation mechanism. If the marketization degree of the RMB exchange rate formation mechanism is low, the market's basic impact on the RMB exchange rate change is limited.

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Less than P, let alone in the international monetary system dominated by the credit currency and the dollar, under the condition that the currency exchange rate derivatives are very prevalent, under the condition that the RMB is not freely convertible, it is decided that the exchange rate changes of one country's currency are more and more complex, and the equilibrium price of the RMB exchange rate can not be formed through the fundamentals of the market.

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< p > especially, the exchange rate changes involve the adjustment of interests between countries. If the RMB exchange rate can not be established through the market way to establish its equilibrium price, then the government will stand more in the national interest angle to dominate the RMB exchange rate change instead of being predicted by the international machinery prediction.

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< p > if RMB reenter the track of unilateral appreciation, China will face a series of serious economic problems.

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< p > a large number of investment institutions believe that under the favorable policies recently introduced by the domestic government to promote steady growth measures, the pressure of RMB appreciation will be repeated.

They generally believe that Reuters's survey of 30 institutions shows that these institutions generally expect the RMB exchange rate to appreciate in the two quarter.

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< p > many institutions at home and abroad believe that the RMB exchange rate will rise again. First, the fundamentals of the domestic economy will stabilize and improve from the two quarter of this year.

Two, the low cost of financing in the international market still has considerable attraction for domestic enterprises.

The three is the stability of the RMB exchange rate after the withdrawal of the US QE, which makes people think that the RMB exchange rate is a trend.

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