'CryptoYC'

Internationalization of the RMB

本文是《DC/EP — — 人民币国际化的又一次尝试》系列的第四篇。DC/EP可以为人民币国际化问题提供一套系统科学的解决方案。

人民币国际化发展历程

Definition and significance of the internationalization of the RMB

人民币国际化的定义和意义

The meaning of RMB internationalization includes three aspects: first, RMB cash enjoys a certain degree of circulation abroad; Second, financial products denominated in RMB have become investment instruments of major international financial institutions, including the central bank. Third, a certain proportion of international trade should be settled in RMB. The second, and most important, is that the Chinese government is pouring resources into expanding the size of its financial market in RMB.

人民币国际化的含义包括三个方面:第一,是人民币现金在境外享有一定的流通度;第二,是以人民币计价的金融产品成为国际各主要金融机构包括中央银行的投资工具;第三,是国际贸易中以人民币结算的交易要达到一定的比重。其中,第二点又是重中之重,中国政府为此投入大量资源不断扩大以人民币计价的金融市场规模。

The tracking objectives of RMB internationalization include five aspects: first, the RMB can be freely exchanged into foreign currencies outside of China; second, the RMB is used as the unit of value in international trade, even if both sides are not related to China; third, the RMB can be used as the payment currency in international trade settlement; fourth, the RMB can be used as the currency of international investment and financing, and fifth, the RMB, as an international reserve currency, not only serves as a tool for governments to intervene in the foreign exchange market but also occupies a certain share in the Special Drawing Rights (SDR).

人民币国际化的追踪目标包括五个方面:第一,是人民币在境外可以自由兑换成外币;第二,在国际贸易中以人民币为计价单位,即使贸易双方均与中国没有关联;第三,国际贸易结算可以以人民币作为支付货币;第四,人民币可以作为国际投资、融资的计价货币;第五,人民币作为国际储备货币,不仅作为各国政府干预外汇市场的工具,同时也在特别提款权中占据一定份额。

Major Development Events

发展大事件

In June 2007, the first RMB-denominated bond was landed in Hong Kong, and since then, a number of mainland banks have introduced RMB-denominated bonds with a maturity of two or three years in Hong Kong, with a total amount of over RMB 20 billion yuan.

2007年6月,首支人民币债券登陆香港,此后内地多家银行先后多次在香港推行两年或三年期的人民币债券,总额超过200亿元人民币。

On 10 July 2008, the State Council approved the People’s Bank of China’s three-step plan to establish a new Exchange Rate Department, whose functions include “developing the offshore RMB market in line with the process of RMB internationalization”.

2008年7月10日,国务院批准中国人民银行三定方案,新设立汇率司,其职能包括“根据人民币国际化的进程发展人民币离岸市场”。

On December 4, 2008, China and Russia held consultations on accelerating the trade settlement between the two countries in their own currencies; on December 12, 2008, the People’s Bank of China and the Bank of Korea signed a bilateral currency swap agreement to provide each other with short-term liquidity support of RMB 180 billion through the local currency swap.

2008年12月4日,中国与俄罗斯就加快两国在贸易中改用本国货币结算进行了磋商;12日,中国人民银行和韩国银行签署了双边货币互换协议,两国通过本币互换可相互提供规模为1,800亿元人民币的短期流动性支持。

On December 25, 2008, the State Council decided to carry out pilot RMB settlement for trade between Guangdong and the Yangtze River Delta region and Hong Kong and Macao, and between Guangxi and Yunnan and ASEAN; in addition, China has signed bilateral settlement agreements with eight neighboring countries, including Mongolia, Vietnam, and Myanmar, etc., to choose their own currencies.

2008年12月25日,国务院决定,将对广东和长江三角洲地区与港澳地区、广西和云南与亚细安的货物贸易进行人民币结算试点;此外,中国已与包括蒙古,越南,缅甸等在内的周边八国签订了自主选择双边货币结算协议,人民币区域化的进程大步加快。

On February 8, 2009, China and Malaysia signed a swap agreement with a size of RMB 80 billion/40 billion ringgit.

2009年2月8日,中国与马来西亚签订的互换协议规模为800亿元人民币/400亿林吉特。

On March 9, 2009, Guo Qingping, Assistant Governor of the Central Bank, introduced that the State Council has confirmed that the RMB cross-border settlement center will be located in Hong Kong © Piloting. The specific pilot program and modalities are still being studied and have not yet been introduced.

2009年3月9日,央行行长助理郭庆平介绍,国务院已经确认,人民币跨境结算中心将在香港进行试点。具体的试点方案和办法仍还在研究,尚未出台。

On 11 March 2009, the People’s Bank of China and the National Bank of the Republic of Belarus announced the signing of a bilateral currency swap agreement aimed at promoting the economic growth of the two countries through the promotion of bilateral trade and investment.

2009年3月11日,中国人民银行和白俄罗斯共和国国家银行宣布签署双边货币互换协议,目的是通过推动双边贸易及投资促进两国经济增长。

On 23 March 2009, the People’s Bank of China and Bank Indonesia announced the signing of a bilateral currency swap agreement to support bilateral trade and direct investment to promote economic growth and provide short-term liquidity to stabilize financial markets.

2009年3月23日,中国人民银行和印度尼西亚银行宣布签署双边货币互换协议,目的是支持双边贸易及直接投资以促进经济增长,并为稳定金融市场提供短期流动性。

On April 2, 2009, the People’s Bank of China and the Central Bank of Argentina signed a bilateral currency swap agreement.

2009年4月2日,中国人民银行和阿根廷中央银行签署双边货币互换协议。

In July 2009, the six departments issued the administrative measures for the pilot RMB settlement of cross-border trade, and China’s cross-border trade RMB settlement pilot was officially launched.

2009年7月,六部门发布跨境贸易人民币结算试点管理办法,我国跨境贸易人民币结算试点正式启动。

In June 2010, the six departments issued the Notice on Issues Relating to the Expansion of the RMB Settlement Pilot Scheme for Cross-border Trade, which expanded the scope of the RMB settlement pilot scheme for cross-border trade to 20 provinces, autonomous regions and municipalities from the coast to the mainland, and expanded the overseas settlement to all countries and regions.

2010年6月,六部门发布《关于扩大跨境贸易人民币结算试点有关问题的通知》,跨境贸易人民币结算试点地区范围将扩大至沿海到内地20个省区市,境外结算地扩至所有国家和地区

In August 2011, the People’s Bank of China clearly stated on 23 August that enterprises in Hebei, Shanxi and 11 other provinces could carry out cross-border trade RMB settlement. Renminbi Settlement. So far, the geographical scope of the RMB settlement of cross-border trade has been extended to the whole country.

2011年8月,人民银行8月23日明确表示,河北、山西等11个省的企业可以开展跨境贸易人民币结算。至此,跨境贸易人民币结算境内地域范围扩大至全国。

In November 2012, the internationalization of the RMB officially started in South Africa, and trade between China and South Africa is directly exchanged from the franc to RMB for settlement.

2012年11月,人民币国际化进程正式在南非起步,我国和南非之间的贸易都是直接将法兰特兑换成人民币来结算

In October 2013, the Fifth China-UK Economic and Financial Dialogue was held in Beijing on 15 October, and Vice Premier Ma Kai and UK Chancellor of the Exchequer Osborne stated in a press release that China and the UK had agreed to a direct transaction between the renminbi and the pound sterling.

2013年10月,10月15日,第五次中英经济财金对话在北京举行,国务院副总理马凯与英国财政大臣奥斯本在新闻发布上表示,中国和英国同意人民币与英镑直接交易

In December 2013, the Central Economic Work Conference set out clear requirements for the trend of the RMB exchange rate in 2013, namely “to maintain the exchange rate of the renminbi is basically stable”. This is conducive to the steady progress of the internationalization of the RMB, the stability of world finance, and economic development.

2013年12月,中央经济工作会议对2013年人民币汇率走势提出了明确要求,即“保持人民币汇率基本稳定”。有利于人民币国际化的稳步推进,世界金融的稳定和经济的发展。

In June 2014, the RMB global clearing network was frequently deployed. on 18 June, CCB acted as the clearing bank for RMB business in London. On 19 March the Bank of China acted as the RMB clearing bank in Frankfurt.

2014年6月,人民币全球清算网络频频布局。6月18日,建行担任伦敦人民币业务清算行;19日中行担任法兰克福人民币清算行

On July 4, 2014, the People’s Bank of China announced that it had decided to authorize the Seoul branch of Bank of Communications to act as a clearing bank for RMB business in Seoul, which became an important step in creating an offshore RMB center in Seoul.

2014年7月4日,中国人民银行发布公告称,决定授权交通银行首尔分行担任首尔人民币业务清算行,这成为在首尔打造人民币离岸中心的重要一步。

On March 29, 2016, the first RMB internationalization research center in Asia was launched in Beijing. The center was jointly established by the People’s Bank of China (PBOC) China Financial Training Center and Nanyang Business School of Nanyang Technological University (NTU), Singapore, with the aim of conducting research on the Research on the internationalization process of the RMB and its impact on the world economy and trade will be conducted and shared with the public through a public interface. content, set up a financial and economic database, and provide training for domestic and foreign practitioners.

2016年3月29日,亚洲首个人民币国际化研究中心在北京举行启动仪式。该中心由中国人民银行中国金融培训中心与新加坡南洋理工大学南洋商学院联合成立,旨在对人民币国际化进程及其对世界经济、贸易的影响进行研究,并将通过公共界面向社会公众分享科研内容,设立财经数据库,为国内外的从业者提供培训。

Circulation of RMB

人民币流通现状

With regard to the analysis of the current situation of the circulation of the RMB outside the country, in the past, the RMB was only circulated in border areas, but now it has been circulated in some parts of the developed countries. Regional circulation and exchange. It can be said that the process of China’s economic development is the process of expanding RMB circulation. The faster the pace of economic development, the wider and larger the scope and quantity of circulation.

就人民币境外流通的现状分析,过去人民币仅在边境地区流通,目前已经在部分发达国家的部分地区流通和兑换。可以说中国经济发展的过程就是人民币流通扩大的过程。经济发展的速度越快,流通的范围就越广、数量就越大

Renminbi in Southeast Asia has become second only to the U.S. dollar, the euro, the yen and another “hard currency”. In southwest China’s border areas, the RMB is known as the “small dollar” and is used as a hard currency with a wide range of circulation in Laos. The yuan in the three northeastern provinces can completely replace the local currency in circulation within the country, as far as deep into the Lao capital of Vientiane around. In the Sino-Burmese border trade and tourism activities, the key town of Xiaomengla in Myanmar’s Chan State, the outflow and inflow of RMB is as much as more than 1 billion yuan per year.

人民币在东南亚地区已经成了仅次于美元、欧元、日元的又一个“硬通货”。在中国西南边境地区,人民币有“小美元”之称,被当作硬通货使用,流通范围较广,老挝东北三省人民币完全可以替代本币在境内流通,最远深入到老挝首都万象一带。而在中缅边贸及旅游活动中,缅甸禅邦重镇小勐拉,每年流出、流入的人民币多达10多亿元。

In Northeast Asia, the yuan is mainly circulated across the border to Russia and North Korea, as well as Mongolia. Mongolia, in particular, has adopted the renminbi as its main foreign currency. Various banks in Mongolia have conducted RMB savings business. In the border trade with Mongolia, RMB cash transactions account for one-third of all bilateral transactions.

在东北亚地区,人民币主要是跨境流通到俄罗斯和朝鲜以及蒙古国。特别是蒙古国,已经把人民币作为主要外国货币。蒙古国的各个银行都开展了人民币储蓄业务。在与蒙古国的边境贸易中,人民币现金交易量占双边全部交易量的1/3。

The largest cross-border circulation of RMB is in Hong Kong, China. RMB can be freely exchanged in Hong Kong through various means. Unlike in other neighboring countries and regions, the RMB is used as a reserve currency for investment in Hong Kong. In addition, the RMB is also widely used in Macau, China.

人民币跨境流通量最大的是中国香港地区。人民币在香港可以通过多种途径自由兑换。与在周边其他国家和地区不同的是,人民币在香港被用来作为投资的一种储备货币。另外,在中国澳门地区人民币也在广泛使用。

Challenges to the Internationalization of the RMB

人民币国际化面临的挑战

Numerous obstacles remain on the road to the internationalization of the renminbi. The main factors affecting the internationalization of the RMB include the insufficient growth of the international circulation of the RMB, the depth and breadth of the domestic financial market and the international financial crisis. Insufficient standardization; the external value of the renminbi may change dramatically in the process of internationalization, hindering economic policy autonomy.

人民币国际化道路上仍然存在众多障碍。影响人民币国际化的主要因素包括,人民币国际流通量增长不足;国内金融市场深度、广度和国际标准化程度不足;国际化过程中人民币对外价值可能发生巨大变动,妨碍经济政策自主性。

Of these, the lack of international circulation of the RMB will be the biggest problem. This is because during the golden age of the gold standard, although Britain had a huge current account surplus, it exported its capital to the rest of the world through the export of capital. A large number of pounds sterling; after the establishment of the Bretton Woods system, the United States has provided the world with dollar liquidity through its current account deficit. Although China has become one of the world’s largest trade surpluses, foreign direct investment is still relatively small.

其中,人民币国际流通量不足将成为最大问题。因为在金本位的黄金时代,英国虽然存在庞大经常项目顺差,却通过资本输出向世界各地输出了大量英镑;布雷顿森林体系建立之后,美国通过经常项目逆差向世界提供了美元流动性。尽管中国已经成为全世界贸易顺差最大国之一,但对外直接投资规模仍然较小

How DC/EP is driving the internationalization of the RMB

DC/EP如何推动人民币的国际化

DC/EP can reduce investment in offshore RMB clearing house

DC/EP可以减少人民币离岸结算中心的投资

The establishment of an offshore clearinghouse requires significant upfront capital investment in offshore settlement infrastructure, such as clearing banks, and this is a major challenge. The scale of investment is easily in the hundreds of billions of RMB. At the same time, as the offshore settlement center is located outside the country, the settlement needs to be managed offshore, which increases the difficulty of control and is not conducive to national management.

建设离岸结算中心前期需要大量资金投入用于建设离岸结算的基础设施,如清算业务银行等,这一投资规模动辄以千亿人民币计。同时,由于离岸结算中心在境外,结算需要进行离岸管理,增加了管控的难度,不利于国家的管理。

The DC/EP is managed through a digital wallet, on the basis of which only the uniform use of RMB by both parties to the transaction is required to complete the transaction, without the need for the Once again, transactions are settled through offshore clearing banks. If the exchange with a foreign currency is required, the transaction can be cleared directly through the Chinese central bank, which greatly improves settlement efficiency.

DC/EP通过数字钱包管理,在此基础上只需要交易双方统一使用人民币即可完成交易,无需再次通过离岸清算银行对交易进行结算。若是需要与外币进行兑换,则可以通过中国央行进行直接清算,很大程度上提高了结算效率。

DC/EP Promotes Direct Settlement of RMB with Other Sovereign Currencies

DC/EP推动人民币与其他主权货币进行直接结算

At present, the RMB cannot settle directly with the currencies of many countries and needs to use a third party currency such as the US dollar as a settlement instrument. In this settlement process, the time for currency payments and receipts is prolonged, and in addition, two additional currency settlement charges (foreign currency — USD) need to be paid. , USD-RMB) increases transaction costs.

目前人民币与许多国家的货币无法进行直接结算,需要利用美元等第三方货币作为结算工具。在这一结算过程中,延长了货币收支时间,此外还需要额外支付两道货币结算手续费(外币-美元,美元-人民币)增加了交易成本。

Through the use of DC/EP, as long as both parties to the transaction recognize the value of the RMB, you can use DC/EP for direct trade settlement. If the entities (enterprises, individuals) holding DC/EP have a demand for the use of local currency, they can request the Central Bank of China for their own holdings of digital Assets are liquidated to obtain the local currency of the country where the business is located. This approach effectively improves the overall efficiency of trade transactions. If the entity holding the DC/EP is a national or regional government, it can directly use the DC/EP if there is a need to increase the use of local currency. EP as a government asset to issue additional currency to meet currency requirements in circulation in the country/region.

通过使用DC/EP,只要交易双方均认可人民币的价值,即可使用DC/EP直接进行贸易结算。若持有DC/EP的主体(企业、个人)有本币使用需求,则可以要求中国央行对自身持有的数字资产进行清算,获取企业所在国本币。这样的方式有效地提高了贸易的整体交易效率。若持有DC/EP的主体为国家或地区政府的,若需要增加本币使用需求,则可以直接利用DC/EP作为政府资产增发货币以满足本国/地区的流通货币需求。

Reduction of international trade disputes

减少国际贸易争议

In international trade in goods, there are many reasons for disputes and controversies, which can be broadly summarized into the following five situations: contract law and… Inconsistent interpretation of international trade practices; contractual terms are not sufficiently clear and are interpreted differently by the parties, with no customary uniformity. interpretation; factors beyond the control of the parties have arisen in the performance of the contract which has prevented its performance or its timely performance, and the parties are not satisfied as to whether the Disagreement as to whether the contract can be rescinded or deferred; the buyer does not issue the letter of credit on time, does not pay the ransom note on time, unreasonable refusal to accept the contract Lack of timely dispatch of ship or conclusion of the contract of carriage, the designation of the place of delivery, etc., of goods or when a buyer is responsible for carriage; the seller does not deliver on time Or failure to deliver the quality, quantity and packaging specified in the contract, failure to provide suitable documents as specified in the contract and letter of credit, etc.

在国际货物贸易中,产生争议、纠纷的原因很多,大致可归纳为以下五种情况:合同法律和国际贸易惯例解释不一致;合同条款规定得不够明确,双方对条款的解释不同,习惯上无统一的解释;在履约中产生了双方不能控制的因素,致使合同无法履行或无法按期履行,而双方对是否可以解除合同或延期履行合同看法不一致;买方不按时开出信用证,不按时付款赎单,无理拒收货物或在买方负责运输的情况下,不按时派船或签订运输合同、指定交货地点等;卖方不按时交货或不按合同规定的品质、数量、包装交货,不提供合同和信用证规定的合适单证等。

In a nutshell, the problem arises due to contract performance or payment disputes.

汇总而言之,问题的产生是由于合同履行或支付争议。

The issue of payment in the above conflict mechanism will be well resolved if DC/EP, which supports smart contracts, is introduced. The buyer pays the seller at the beginning of the transaction, but the payment does not go into the seller’s digital wallet all at once. The payment is made in installments according to the progress of the contract, and if a dispute arises during the period, a dispute resolution and remedy mechanism can also be agreed in the smart contract.

如果引入DC/EP,则上述冲突机制中支付问题将得到很好的解决。DC/EP支持智能合约,买家在交易开始时即向卖方支付交易货款,但是所支付的货款不会一次性进入卖家的数字钱包,会根据合同进度分期到账,期间若是产生争议,也可以在智能合约中约定争议解决以及救济机制。

DC/EP can provide a scientific and reasonable solution to the current problems in RMB internationalization, as long as they do not involve macro-monetary policy or politics.

就目前人民币国际化中存在的问题,只要不是涉及宏观货币政策或政治,DC/EP都可以提供一个科学合理的解决方案。

DC/EP can be said to be the first CBDC in the world to be put into practical testing, with the first-mover advantage in terms of time and drinking. If the value of its blockchain application is fully exploited, it can take full advantage of this to promote the internationalization of the RMB.

DC/EP可以说是目前世界范围内最早投入实际测试的CBDC,具有时间和饮用上的先发优势。若是其区块链应用价值被充分挖掘,可以充分利用这一优势推动人民币国际化的发展。