The International Department of the People's Bank of China said Tuesday that further internationalization of the RMB will help China reduce financial risks, stabilize the exchange rate and reduce the pressure of capital outflow. In recent years, great progress has been made in the internationalization of the RMB, but the international status of the RMB still needs to be further enhanced compared with other SDR basket currencies.
The International Department of the Central Bank pointed out in its article in the First Finance and Economics Daily that the internationalized currency also requires the convertibility of capital account to a certain extent. However, while continuing to promote the internationalization of RMB, it is necessary to grasp the rhythm and strength of convertibility of capital account. It should be pointed out that further internationalization of RMB and convertibility of capital account does not mean that capital flows are allowed.
The following is the full text of the International Department of the Central Bank's Thoughts on the Internationalization of Renminbi and Convertibility of Capital Projects.
Recently, there are some doubts about the internationalization of RMB, such as whether the internationalization of RMB will impact the exchange rate and capital flow; why the internationalization of RMB has made great progress, but some foreign countries can not see the direct listing of RMB for other currencies. To address these concerns, it is necessary to distinguish between currency internationalization and convertibility of capital projects.
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