Internationalization Of RMB: Faster Or Slower?

Exactly?

At the "global financial forum" held in Hongkong recently, including Chen Jiaqiang, director of the financial affairs and Treasury Bureau of Hongkong, Professor of Hongkong, President of the Bank of China and President Li Xiaojia of Guangbei and chief executive of Hong Kong exchange, Zuo Xiaolei and Zuo Xiaolei, an economist from the mainland, and Cao Heping, Professor of Peking University of economics, discussed the topic of RMB internationalization.

The whole discussion is rather "gunpowder", and scholars are more likely to promote the development of RMB's offshore products and whether the RMB should be internationalized faster.

Experts differ from home and abroad.

In the treatment of foreign Renminbi products, Li Xiaojia believes that it is necessary to design more RMB products to attract.

Li Xiaojia believes that to take advantage of the next three to five years, the market still expects the appreciation of the renminbi opportunities, through a series of products to increase the use of RMB abroad, and as a "second cycle."

But Zuo Xiaolei seems to be more concerned about the side effects of RMB internationalization. She worries that in the process, the renminbi will be used as a speculative currency and used by international speculators.

When several experts were invited to describe the internationalization of RMB with speed and temperature, Li Xiaojia only gave a "slow" evaluation of the speed of 10 kilometers per hour; Professor Chen Jiaqiang thought that there was a 70 km speed, which was also the normal driving speed in the Hongkong Special Administrative Region; and compared with Guangbei and Zuo Xiaolei, it was 100 kilometers.

Li Xiaojia explained that the internationalization of RMB only released the right to use Renminbi, but did not give full play to this power.

At present, more than 500 billion yuan of deposits in Hongkong is just flowing back to the banking system from people's hands.

The comments on the relationship between Hong Kong dollar and Renminbi are the extreme views of mainland scholars and overseas experts.

Cao Heping said publicly in the above forum that the Hong Kong dollar should be abolished, on the grounds that a country does not need two currencies.

For some time, the topic of Hong Kong dollar has attracted much attention. Under the trend of continuous devaluation of Hong Kong dollar, the demand for HK dollar to be decoupled from the US dollar and the use of RMB or RMB linked to the renminbi has come and go. But the Hongkong SAR government insists that Hong Kong dollar should continue to maintain the linked exchange rate system with the US dollar so as to maintain economic stability.

Li Xiaojia said that the linked exchange rate provided Hongkong with decades of stability and should not be hastily cancelled.

He explained that confidence is the most important for Hongkong, and that any change may lose confidence in the market.

From RMB