Cross-border Renminbi Business Faces Market Adjustment

来源: CHINA FOREX 2017 Issue 1 作者:Wang Li

Cross-border renminbi settlements fell nearly 20% in 2016 compared to a year earlier,according to data from the People's Bank of China. The declining use of the renminbi came amid volatility in the Chinese currency as well as in interest rates at home and abroad. The decline also came as the renminbi was formally added to the International Monetary Fund's Special Drawing Rights,a reserve currency basket.

Does this signal a weaker appetite for holding the Chinese currency? The Bank of China's "White Paper on the Internationalization of the Renminbi" noted that despite the decline there were areas of progress over the year. The survey,which covered 3,477 domestic and foreign enterprises in more than 40 countries,was one of the largest and most extensive examinations of the subject so far. How should we interpret the results and what can be done to expand cross-border renminbi business? To answer these questions,China Forex interviewed Li Mang,general manager of the trade and finance department at Bank of China. Li stated that the survey revealed that cross-border use of the renminbi remained limited,despite the progress in some areas over the year. In the new and challenging environment,commercial banks should seize the international business opportunities brought about by the internationalization of the renminbi and expand their market through business innovation,he said.

China Forex: What would you say are the key findings of the latest survey of domestic and foreign enterprises on renminbi internationalization?

Li Mang: We can see from this survey that there were differences in the development of the internationalization of the renminbi last year. We can see that there was volatility domestically and on the global market. But we also can see that domestically and internationally the outlook towards the currency remained favorable.

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