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        RMB success into the basket SDR weight proportion of ultra yen and pound

        Date:15.12.01

        Beijing early morning of December 1st, the International Monetary Fund (IMF) announced that the RMB will be incorporated into the SDR (Special Drawing Rights) currency basket, in October 1, 2016 the official entry into force, a free use of money.
        IMF documents show that the RMB in the proportion of SDR accounted for 10.92%, accounting for 41.73% of the U.S. dollar, the euro accounted for 30.93%, the proportion of the yen accounted for 8.33%, accounting for 8.09% of the pound. Yuan in the SDR accounted for more than the yen and the pound, second only to the U.S. dollar and the euro.
        Success into SDR's currency basket is a milestone in the internationalization of the rmb.
        However, a number of analysts pointed out that the internationalization of the RMB is a degree of problem, can not be simply used to measure.
        For the renminbi, joining SDR is a new starting point in the international road.
        What is internationalization?
        According to Morgan, chief economist at JP Zhu Haibin China's statement, the internationalization of a currency, to fully realize the three functions of the currency: settlement function, investment function and reserve currency function.
        RMB internationalization of the measure, is also inseparable from the three dimensions: International Trade in the renminbi as the settlement currency amount; in Renminbi denominated financial investments in the amount of, as well as the RMB in central banks as the amount of reserve currency.
        Over the past few years, China's position in international trade is undoubtedly a powerful force to promote the internationalization of the rmb.
        World Fund Organization (IMF) data show that: from 2010 to 2014, China's exports accounted for 10.6% of global exports, which accounted for only less than the euro area (18.2%) and the United States (13.6%).
        At the same time, according to the China Central Bank survey and Statistics Department released the issue of the report, cross-border trade, the amount of RMB settlement from 2011 to 2014 of the yuan increased to $.
        In addition, according to the German bank's observation report, in the first quarter of 2015, the proportion of RMB cross-border trade settlement accounts for China's total global trade settlement has reached 27%.
        In recent years, the Chinese government is gradually promoting the convertibility of the RMB capital account, as well as the construction of Hongkong, London and other places offshore trading center, trying to enrich the choice of RMB overseas investment. However, analysts pointed out that the current investment channels for offshore RMB holders are still very narrow.
        According to IMF data, as of the end of 2014, the share of the global foreign exchange reserves accounted for 1.1% of the rmb.
        From the internationalization of the RMB can be seen as a measure of the process, this process has brought substantial benefits, there are three aspects:
        First, for domestic traders, the RMB settlement can be used to avoid exchange rate risk. Although there are rich in domestic foreign exchange derivatives, can be used as a hedge tool, but the use of these tools, it means that the increase in transaction costs.
        Second, rich in RMB investment products, can increase the business opportunities of domestic financial institutions, and promote the development of the financial industry.
        Third, reserve currency function, can help increase the Seigniorage Chinese.
        The challenge after the entry of SDR
        RMB successful accession to the SDR, showing the international fund and the international community, for the internationalization of the RMB stage of recognition. However, as the industry generally analyzed, the symbolic significance of this event is greater, the process of internationalization of the RMB also need to continue to promote.
        On the one hand, Chinese enterprises still need to strive to improve their status in international trade.
        Wang Yang runs a bearing factory in Zhejiang, the two years of their products are sold to Turkey and europe. This year, Wang Yang's business is more difficult to do than in previous years, the order is about 2 less than last year, customers are also more critical quality". He said to the Tencent, he does not understand SDR, his clients have been accustomed to use the dollar to pay the purchase price. The first two years of appreciation of the renminbi, he would like to be able to use the RMB settlement. "But the client says it." Wang Yang said.
        A Shanghai Securities analyst at the Tencent, said the company's financial products, the competitiveness of the product can help companies get more right to say. "If the product is good enough, you have to make people use the Martian currency." He said.
        Hua Min, director of the Institute of world economics, said, the current cross-border trade, the RMB settlement with the trading country, but also more concentrated in the surrounding more backward countries. "The key to the internationalization of the RMB is to practice the internal strength, accelerate the domestic reform, promote the enterprises to improve the international competitiveness of their products." He said.
        On the other hand, China also needs to establish a depth, can be widely invested in the capital market, the pace of financial reform can not stop.
        Over the past few months, in order to sprint SDR, the central bank has promoted a series of reform initiatives.
        July, the central bank announced that foreign institutional investors through the filing system, you can participate in the domestic inter-bank bond market; in August 11th the new exchange rate reform, making the RMB exchange rate in the middle of the price is more market-oriented.
        By the end of 9, China began to IMF its official foreign exchange data, improve transparency, and then announced the adoption of IMF data released special standards (SDDS); October 8th, the official on-line RMB cross-border payment system.
        The latest news, November 25, the central bank issued the first foreign central bank institutions to enter the inter-bank foreign exchange market list, including the Hong Kong Monetary Authority, the Reserve Bank of Australia, the National Bank of Hungary, international bank for reconstruction and development, the International Development Association, the World Bank Trust Fund and government of Singapore Investment Corporation.
        This shows that China is accelerating the opening of the bond and foreign exchange market, to the hands of foreign investors to increase the RMB back channels, thereby increasing the attractiveness of the RMB investment.

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