Skip to main content

Optimism towards Belt and Road boosts renminbi internationalization: report

BEIJING, May 28 (Xinhua) -- The Belt and Road Initiative has placed China's currency, the renminbi (RMB), on a stable path towards internationalization, according to a new report.

"The world's largest economic corridor is expected to expedite the use of RMB for trade, financing and investment," said the report jointly prepared by financial magazine The Asian Banker and China Construction Bank.

The report covered several areas, including the rate of internationalization, initiatives influencing internationalization, industry sentiment, RMB-denominated financial assets held abroad, and foreign RMB bond-holding.

It showed the pace of RMB internalization picked up in 2017 with the initiative's promising potential, according to the report based on a survey of 398 Chinese and overseas enterprises and financial institutions.

When asked what factors had had the maximum impact on RMB internationalization, 72 percent of respondents, including 80 percent of Chinese corporations, voted for the Belt and Road Initiative.

China expects its annual trade with countries along the Belt and Road route to surpass 2.5 trillion U.S. dollars within the next decade.

Other key initiatives driving RMB internationalization include the inclusion of RMB into Special Drawing Rights currency basket by the International Monetary Fund and policies to further open the market released by Chinese regulators.

The Special Drawing Rights inclusion marked not only a vote of confidence in RMB as an international currency but also solidified China's commitment to financial liberalization, according the report.

The industry, especially Chinese corporations, is optimistic about increased RMB engagement in 2018, particularly in the areas of trade settlement, offshore deposits, payments and forex transactions.

About 63 percent of Chinese companies, 47 percent of overseas corporations and 57 percent of financial institutions plan to increase their RMB cross-border engagement this year.

In 2017, the internationalization of the renminbi continued to move forward and its status as an emerging international currency was further consolidated.

At the end of 2017, total RMB-denominated financial assets held by foreign institutions and individuals amounted to 4.28 trillion yuan (630 billion U.S. dollars), up 41.3 percent year on year.

Foreign institutions increased RMB bond-holdings by 347.7 billion yuan, and total outstanding yuan bonds held by foreign institutions at the year-end reached a record high level of 1.15 trillion yuan.

"Development of RMB hubs across the world along with long-term enablers such as the Belt and Road initiative and clearer policy directions could further strengthen the RMB's position in international financial markets in the foreseeable future," it said

http://www.xinhuanet.com/english/2018-05/28/c_137212825.htm

Comments

Popular posts from this blog

CPEC Jobs in Pakistan, salary details

JOBS...نوکریاں چائنہ کمپنی میںPlease help the deserving persons...Salary:Salary package in China–Pakistan Economic Corridor (CPEC) in these 300,000 jobs shall be on daily wages. The details of the daily wages are as follows;Welder: Rs. 1,700 dailyHeavy Duty Driver: Rs. 1,700 dailyMason: Rs. 1,500 dailyHelper: Rs. 850 dailyElectrician: Rs. 1,700 dailySurveyor: Rs. 2,500 dailySecurity Guard: Rs. 1,600 dailyBulldozer operator: Rs. 2,200 dailyConcrete mixer machine operator: Rs. 2,000 dailyRoller operator: Rs. 2,000 dailySteel fixer: Rs. 2,200 dailyIron Shuttering fixer: Rs. 1,800 dailyAccount clerk: Rs. 2,200 dailyCarpenter: Rs. 1,700 dailyLight duty driver: Rs. 1,700 dailyLabour: Rs. 900 dailyPara Engine mechanic: Rs. 1,700 dailyPipe fitter: Rs. 1,700 dailyStorekeeper: Rs. 1,700 dailyOffice boy: Rs. 1,200 dailyExcavator operator: Rs. 2,200 dailyShovel operator: Rs. 2,200 dailyComputer operator: Rs. 2,200 dailySecurity Supervisor: Rs. 2,200 dailyCook for Chinese food: Rs. 2,000 dailyCook…

Balochistan to establish first medical university

https://www.dawn.com/news/1366135

The Newspaper's Staff CorrespondentOctober 25, 2017QUETTA: The provincial cabinet on Tuesday approved the draft for establishing a medical university in Balochistan.Health minister Mir Rehmat Saleh Baloch made the announcement while speaking at a press conference after a cabinet meeting.“The cabinet has approved the draft of the medical university which would be presented in the current session of the Balochistan Assembly,” he said, adding with the assembly’s approval the Bolan Medical College would be converted into a medical university.Published in Dawn, October 25th, 2017

The Rise of China-Europe Railways

https://www.csis.org/analysis/rise-china-europe-railways

The Rise of China-Europe RailwaysMarch 6, 2018The Dawn of a New Commercial Era?For over two millennia, technology and politics have shaped trade across the Eurasian supercontinent. The compass and domesticated camels helped the “silk routes” emerge between 200 and 400 CE, and peaceful interactions between the Han and Hellenic empires allowed overland trade to flourish. A major shift occurred in the late fifteenth century, when the invention of large ocean-going vessels and new navigation methods made maritime trade more competitive. Mercantilism and competition among Europe’s colonial powers helped pull commerce to the coastlines. Since then, commerce between Asia and Europe has traveled primarily by sea.1Against this historical backdrop, new railway services between China and Europe have emerged rapidly. Just 10 years ago, regular direct freight services from China to Europe did not exist.2 Today, they connect roughly 35 Chinese…