1. Text: | Print|

      World is opening up to yuan, bankers say

      2015-03-20 09:35 China Daily Web Editor: Si Huan
      1

      The yuan's internationalization is accelerating and China's "One Belt, One Road" initiatives will stimulate overseas demand for the currency, top Chinese bankers said on Thursday.

      Chen Siqing, president of Bank of China Ltd, said at a media briefing in Beijing that the level of internationalization of the renminbi increased rapidly last year and the currency assumed a more prominent role in the capital markets.

      The Offshore Renminbi Index, a tracker designed by BOC to reflect the currency's presence in global trade and investment, climbed 29 basis points from a year earlier to 1.2 percent during the fourth quarter of 2014.

      As of Dec 31, outstanding offshore yuan deposits amounted to 2.78 trillion yuan ($449 billion), up about 35 percent from the beginning of 2014. Outstanding offshore yuan-denominated bonds rose 44 percent to 481.6 billion yuan.

      The value of foreign exchange transactions involving the yuan increased by 80 percent year-on-year to $5.5 trillion in 2014, accounting for 3.6 percent of all foreign exchange transactions.

      According to BOC estimates, yuan-denominated assets in the foreign reserves of all countries now account for 0.1 to 0.3 percent of the total. That represents a notable step forward for China, considering that the percentage was almost zero three years ago, said Cheng Jun, general manager of the bank's global trade services department.

      Cheng said the internationalization of the yuan will deepen further as the country is promoting the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

      "We're trying hard to add the 'renminbi factor' to the 'One Belt, One Road' initiatives in terms of investment, labor, contract projects, trade and currency exchange with countries along the belt and road. The initiatives and the renminbi's globalization will be mutually reinforcing," he said.

      Further opening of the capital account this year will drive the internationalization of the renminbi, and ongoing declines in commodity prices will give China more legitimacy when calling for those prices to be yuan-denominated, he said.

      China's foreign direct investment, more of it representing companies' long-term overseas projects, is expected to continually increase this year.

      "It is a positive sign reflecting China's deepened opening of the capital account," said Zhao Yang, chief economist in China at Nomura Securities.

      "The launch of the Asia Infrastructure Investment Bank and its investment projects will expand the global use of the Chinese currency, which means the yuan's internationalization process will speed up," Zhao said.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 免费观看黄网站在线播放| 最近中文字幕大全免费视频 | 99久久免费看国产精品| 国产亚洲色婷婷久久99精品| 十八禁视频在线观看免费无码无遮挡骂过| 亚洲色偷偷狠狠综合网| 国产精品永久免费| 亚洲中文字幕无码一久久区| a毛片免费观看完整| 亚洲av永久无码制服河南实里 | 特级毛片A级毛片100免费播放| 在线观看免费宅男视频| 亚洲av无码乱码国产精品| 免费观看久久精彩视频| 亚洲精品国产成人| 免费H网站在线观看的| 亚洲精品久久无码| 免费成人在线观看| 91av免费在线视频| 青青草原精品国产亚洲av| 成人福利免费视频| 欧美色欧美亚洲另类二区| 亚洲人成影院在线无码观看| 四虎影视无码永久免费| 亚洲综合激情九月婷婷 | 香蕉成人免费看片视频app下载| 亚洲精品天天影视综合网| 黄瓜视频影院在线观看免费| 亚洲AV成人片无码网站| 国产亚洲精品福利在线无卡一| 久久久久久一品道精品免费看| 亚洲伊人久久大香线焦| 国产免费小视频在线观看| 精品视频在线免费观看| 亚洲综合色丁香婷婷六月图片| 亚洲第一区在线观看| 最近最好最新2019中文字幕免费 | 无码亚洲成a人在线观看| 亚洲va无码专区国产乱码| 四虎在线视频免费观看| 成人A片产无码免费视频在线观看|