On the Road to RMB Internationalization
Table of Contents
I. Cheng Siwei: RMB internationalization can basically be achieved in a decade or so
II. Huang Yiping: The internationalization of the RMB requires internal efforts III.
II. Huang Yiping: The internationalization of the RMB requires internal efforts
III.3rd bulletin on the road to RMB internationalization
Background Introduction: January 16, 2014, a seminar on "The road of RMB internationalization" was held, which was co-sponsored by EMBA of Peking University’s NSD and CITIC Publishing House. The content of the conference will be presented in three parts. This bulletin reports the speech of Cheng Siwei, the famous economist and vice-chairperson of the ninth and tenth Standing Committee of the National People's Congress (NPCSC).
Abstract: RMB internationalization has an important strategic significance for improving China’s economic status and promoting long-term development. Nowadays, the degree of internationalization of the RMB is still quite low. In order to improve its degree of internationalization, there must be a gradual move towards a floating exchange rate, a realization of capital account convertibility, and progressive and moderate opening of capital projects. Under a favorable international situation, as well as domestic reforms going smoothly, the internationalization of the RMB can be achieved in a decade or so. Meanwhile, whereas there is an increasing popularity for a virtual economy, we must pay specific attention to political factors which are likely to affect the exchange rate. We must also have a clear understanding of the world economic pattern that developed countries have made through currency in order to improve coping capabilities and protect national economic interests.
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Full Text: Attached. On the Road of RMB Internationalization.pdf