读书报告之人民币的国际化

1、 读书报告之人民币的国际化 Book report on the internationalisation of the RenminbisummaryOutline 人民币国际化含义：Meaning of internationalisation人民币国际化的发展现状：Current situation of internationalization of RMB 人民币国际化的基础和可能性：Basis for internationalisation and possibilities人民币国际化的意义：The internationalisation of the significanc

2、e对于实现人民币国际化的一些建议：Some of the recommendations for achieving the internationalisation ofPublic commentSelf commentconclusion一个地方的崛起，靠的是强大的经济，而经济活动的中心在金融。The rise of one place, and is relying on the strong economy, Centre of economic activity in finance.人民币成为国际货币，是中国真正迈入世界强国之林的验证指标，对于减少汇价风险、促进国际贸易发展、提升

3、中国国际地位具有重要意义。The Yuan as an international currency, China into the real world of our validation indicators, to reduce exchange rate risks, promoting the development of international trade and enhance China's international status is of great significance.因此，我们应给予人民币国际化以相当的关注，采取适当措施促进人民币国际化。Theref

4、ore, we should give considerable attention to internationalisation, to take appropriate measures to promote the internationalization of RMB.下面就让我为大家讲一下我的心得体会！Let me tell you about my experience!人民币国际化的含义： the intended meaning of the internationalisation:人民币国际化是指人民币能够跨越国界，在境外流通，成为国际上普遍认可的计价、结算及储备货币的过

5、程。Internationalisation means the Yuan would transcend national boundaries, in foreign currency, becoming generally accepted valuation, settlement and international reserve currency.人民币国际化的具体含义包括三个方面：Specific meanings of the internationalisation covers three aspects:第一，是人民币现金在境外享有一定的流通度；First, cash e

6、njoys a certain degree of circulation in foreign countries;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，为此，以人民币计价的金融市场规模不断扩大；Second, Renminbi-denominated financial products to become the major international financial institutions, including the Central Bank's investment vehicle, to this end, the Renmin

7、bi-denominated financial markets have been expanding;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。Thirdly, in international trade settled in Renminbi transactions must reach a certain proportion.人民币国际化的发展现状： the internationalisation of the situation:Second, the internationalisation of the situation:(1)在新加坡、马来西亚等国家，人民

8、币的流通使用主要是伴随旅游业的兴起而得到发展的。(1), Singapore, and Malaysia and other countries, currency in circulation was primarily associated with the rise of tourism, development.在这些国家可以用人民币购买商品的购物店越来越多，可以用人民币兑换本国货币的兑换店和银行也开始出现。In these countries you can use RMB to buy merchandise shopping more and more, you can use

9、the Renminbi currency exchange bureaux and banks are starting to appear. (2)在中越、中俄等边境地区，人民币的流通使用主要是伴随著边境贸易、边民互市贸易、民间贸易和边境旅游业的发展而得到发展的。(2) in border areas such as Vietnam, China and Russia, circulation of the RMB is mainly associated with the border trade and border trade, frontier trade, civil

10、development of tourism be developed.在一定程度上说，人民币已经成为一种事实上的区域性货币。To some extent, said the Renminbi has become a de facto regional currency.(3)在中国的香港和澳门地区，人民币的兑换和使用相当普遍(3) in China's Hong Kong and Macau, RMB exchange and are quite common.。据专家估算，目前在香港流通的人民币已达700多亿元，成为仅次于港币的流通货币。According to experts

11、' estimates, at more than 70 billion yuan currently circulating in Hong Kong of, become second only to the sum of currency in circulation. 由此可见，人民币已经在一定程度上被中国周边国家或地区广泛接受，人民币国际化处于渐进发展的阶段。This shows that the Yuan has to a certain extent, is widely accepted by neighboring countries or regions

12、in China, progressive development of internationalisation in stages. 2.主要障碍2. main obstacles人民币国际化道路上仍然存在众多障碍。RMB internationalization still exist many obstacles in the way目前影响人民币国际化的主要因素包括：The main factor currently affecting the internationalisation, including:人民币国际流通量增长不足；Yuan international l

13、iquidity growth is not enough;国内金融市场深度、广度和国际标准化程度不足；Lack of depth, breadth and international standardization in domestic financial markets;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。External value of RMB internationalization process could dramatically change, obstruct economic policy autonomy.人民币国际化的基础和可能性：Thi

14、rd, the internationalisation of the background and its possibilities:1.经济实力和综合国力的不断增强使人民币的国际地位不断提高。1. economic strength and comprehensive national strength and constantly enhance the international status of the Yuan rising. 新中国建立以来，特别是1978年以来中国发生了前所未有的深刻变革Since the founding of new China, especi

15、ally since 1978, China has made unprecedented and profound changes，国内生产总值、进出口总额、国家外汇储备快速增长，我国综合国力显著增强。Gross domestic product, total imports and exports, the country's foreign exchange reserve growth, significant increase in China's comprehensive national strength.专家普遍认为，今后10年中国经济仍将保持较快的发展速度，

16、这就为人民币成为被世界各国和地区可以放心使用的货币奠定了坚实基础。Experts generally agreed that the next 10 years, China's economy will maintain relatively fast development speed for the Yuan to be used by the countries and regions of the world can be assured that money has laid a solid foundation. 2.人民币币值的稳定为推进人民币国际化创造了前提

17、条件。2. the stability of the Renminbi to internationalise has created preconditions. 中国长期以来实行稳定的货币政策，为人民币树立了较高信誉，深受周边国家和地区的欢迎。China has implemented a stable monetary policy, for the Renminbi to establish a high reputation, deeply welcomed in neighboring countries and regions.近几年治理通货膨胀，维持人民币币值的对内稳

18、定和对外稳定成效显著。In recent years to curb inflation, maintain internal stability and external stability in the renminbi is working.在金融危机中，人民币也保持了汇价稳定，为人民币奠定了牢固、可靠的信用基础，为推进人民币国际化创造了前提条件。In the financial crisis, the Yuan will keep the exchange rate stable, Yuan laid a solid and reliable credit Foundation, cr

19、eated preconditions for internationalise. 3.中国政府高度重视，使人民币国际化迈出积极的步伐。3. the Chinese Government attaches great importance to take positive steps to internationalize the Yuan.              4.中国-东盟自由贸易区的建立为人民币境外流通提供了广阔空间。4. the e

20、stablishment of the China-ASEAN free trade area to provide RMB overseas circulation space.   自由贸易区的建立将使东盟对中国出口、中国对东盟的出口大幅增长。Establishment of the free trade area ASEAN's exports to China, China's exports to ASEAN rose sharply.贸易投资的快速发展催生了人民币的境外需求。The rapid development of trade and i

21、nvestment has spawned the Yuan's external demand.在人民币汇率稳定的前提下，一些与中国贸易、投资往来频繁、数额较大的国家和地区，愿意接受人民币作为计价结算货币On the premise of RMB exchange rate stability, and China's trade, investment, travel, larger countries and regions, and be willing to accept renminbi-denominated currency.。比如在越南、泰国、缅甸等国的贸易中

22、，人民币事实上已经成为结算货币之一。For example in Viet Nam, and Thailand, Myanmar and other countries in trade, the Yuan has in fact become a medium of Exchange. 5.人民币在香港地区的广泛流通和使用为人民币国际化提供了有益经验。5. the widespread availability and use of the renminbi in Hong Kong provides useful experience for internationalisati

23、on. 2003年11月，中国人民银行发布公告：为在香港办理人民币存款、兑换、汇款和银行卡业务的银行提供清算服务。In November 2003, the people's Bank of China issued a notice: Hong Kong renminbi deposit-taking, Exchange, remittances and credit card business of the Bank to provide clearing services.内地居民可以使用内地银行发行的人民币银行卡到香港用于消费支付和在自动取款机上提取港元现钞，香港居民

24、也可以使用香港银行发行的人民币银行卡到内地用于消费支付和在自动取款机上提取人民币现钞等等。Mainland residents may use RMB bank cards issued by Mainland banks to pay for consumption in Hong Kong and at automated teller machines to extract Hong Kong dollar banknotes, Hong Kong residents can also use the RMB bank cards issued by banks in Hong Kong

25、 to the Mainland for consumption cover and extract RMB cash withdrawal at the ATMs and so on.这些办法和政策对人民币的境外流通作了尝试，也为人民币的境外流通提供了有益经验。These approaches and policies on renminbi circulating outside the attempt, also provided useful experience for Renminbi circulating outside. 6.中国拥有日渐健全的金融体系、完善的金融市

26、场6. China has a sound financial system, improve the financial market随着中国人民银行向世界先进中央银行的目标迈进，商业银行不良资产的加速处理，经营管理水平的不断提高，业务创新能力的显著增强，一个健全的金融体系正在逐步的形成。With the people's Bank of China to move towards the goal of the Central Bank of the world's most advanced, accelerated processing of banks ' n

27、on-performing assets, the continuous improvement of management level, significantly enhanced the ability of business innovation, a healthy financial system is gradually being formed.实现货币国际化最为主要的是要建立功能完善的外汇市场，尤其是离岸金融市场。Realization of currency internationalization is the most important one is to build

28、 a fully functional Exchange, particularly off-shore financial market.从全国整体的经济实力和经济金融环境看，我国目前已具备建立离岸金融中心的条件。From the national economic and financial environment and overall economic strength, China has established conditions in offshore financial centres.只要我国建立起相当规模的国际金融市场，成为国际离岸金融业务中心，就为我国参与世界经济循环提

29、供了重要条件和工具，使人民币国际化更具现实意义。As long as China built up a sizable international financial markets and as an international offshore financial center, provide important conditions for our participation in the world economic cycle and tools so that internationalisation is more realistic. 人民币国际化的意义：Signi

30、ficance of RMB internationalization:（1）人民币的国际化有助于提升我国的国际影响和货币话语权 (1) the internationalisation of the Renminbi would increase the country's international influence and money right of discourse人民币国际化后，中国就拥有了一种世界货币的发行和调节权，对全球经济活动的影响和发言权也将随之增加，一旦成为国际货币体系的重要组成部分，对全球经济的稳定和增长也会做出重要的贡献。After the in

31、ternationalization of RMB, China will have rights to a world currency issuance and regulation, impact on global economic activity and voices also increased, once an important part of the international monetary system, stability and growth for the global economy will also make an important contributi

32、on.  （2）人民币国际化可以有效地避免国际收支危机(2) the internationalisation of the Renminbi could effectively avert a balance of payments crisis 当一国货币成为国际货币后，该国可以发行以本币计价的金融工具，这就为本国企业创造了一个能在很大程度上规避金融危机的融资方式。When a country's currency as international currency, which can be issued in local currency-deno

33、minated financial instruments, this for domestic enterprises to create a can to a large extent to avoid financial crisis financing.如果中国的企业和政府能够在国际上发行以人民币计价的债券，那么，即使人民币汇率发生波动，中国的企业和政府也不用担心发生国际收支危机，因为中国的债务人(企业或政府)的收入和债务在汇值上是对等的，都是人民币，不存在人民币收入和外币债务的不对称性问题，这是人民币国际化所能带来的一大好处。 If China of enterprise

34、and Government can in international Shang release to Yuan pricing of bonds, so, even Yuan currency occurred fluctuations, China of enterprise and Government also without worried occurred international payments crisis, because China of debtor (Enterprise or Government) of income and debt in sinks val

35、ue Shang is peer of, are is Yuan, not exists Yuan income and foreign currency debt of not symmetric sexual problem, this is Yuan internationalization by can brings of a big benefits.  （3）人民币的国际化有利于国内企业规避汇率浮动的风险(3) the internationalisation of the renminbi is conducive to domestic enterprise

36、s to avoid the risk of exchange rate fluctuations 人民币升值，对出口利润率不高的企业的打击将是致命的The Renminbi, not high profit margins on exports of companies blow would be fatal.。因为同样多的外汇换回的本币数量少了。如果人民币成为国际货币，那么，中国许多企业的进出口业务可以更加方便地要求以人民币计价，当然这还要取决于我们的议价能力。Because the same amount of foreign currency in Exchange for

37、the small amount of local currency.If the Renminbi as an international currency, then, many Chinese enterprises can more easily be required to import and export business of RMB-denominated, of course, this also depends on our ability to bargain.这样一来，我国企业的销售和成本都按人民币来计算，外贸与内贸没有区别，汇率波动的风险自然推给了外方，其好处是显而

38、易见的。In this way, our corporate sales and costs in Renminbi terms, foreign trade and domestic trade does not differ from risks onto the foreign exchange rate fluctuations, the benefits are obvious.  （4）人民币的国际化有利于增强我国货币政策的自主性(4) the internationalisation of the renminbi is conducive to enhanc

39、e autonomy of monetary policy in China 有时为了维持人民币汇率的稳定，央行被动入市，买入或者卖出外汇。Sometimes, in order to maintain the stability of the RMB exchange rate, Bank of passive intervention buying or selling foreign exchange.比如几年来，我国国际收支持续多年双顺差，为了吸收流入的外汇，央行不得不大量投放基础货币，这与当时我国国内流动性过剩情况下从紧的货币政策是背道而驰的。In recent years

40、, our balance of payments for many years double surplus, in order to absorb the inflow of foreign exchange, the Central Bank had to launches of base, and excess liquidity situation of our tight monetary policy is the opposite.经济调控内外均衡面临着冲突，削弱了我国货币政府的自主性。人民币的国际化有利于我国内外均衡的协调发展，有利于增强我国货币政策的自主性Economic

41、regulation, internal and external equilibrium facing conflict, weakening our currency, independent of the Government.The internationalisation of the renminbi is conducive to coordinated development of China's internal and external equilibrium, conducive to enhancing China's monetary policy a

42、utonomy对于实现人民币国际化的一些建议：Four, for the achievement of the internationalisation of some personal recommendations:Public comment:1、 大力鼓励和推动外贸企业与境外贸易伙伴以人民币结算。1, to encourage and promote foreign trade enterprises and foreign trade partners in rmb2、 .在境外，主要是在香港，可以较大力度地扩大人民币计价的债券市场的规模，推进以人民币计价的股票市场，利用香港国际金融

43、中心的优势，不断扩大以人民币计价的金融资产的规模以及交易水平。2, overseas, mainly in Hong Kong, greater efforts to expand the scale of RMB-denominated bond market, advancing the Yuan-denominated stock market, take advantage of Hong Kong International financial center, expanding the scale of renminbi-denominated financial assets a

44、nd trading levels.3、 扩大人民币跨境贸易结算试点范围：3, the expansion of renminbi cross-border trade settlement pilot scope:除了上海、广州、深圳、珠海、东莞等城市之外，将边境贸易较大的省份也纳入试点范围；Apart from Shanghai, Guangzhou, Shenzhen, Zhuhai, Dongguan and other cities outside large border trade of the province under its scope; 4、 建立和完善跨境人

45、民币资金支付清算机制，以转账支付代替现钞支付，为跨境贸易人民币计价结算提供清算平台；4, establish and perfect the mechanisms for cross-border RMB funds to pay settlements, in transfer payments instead of cash, to provide renminbi-denominated cross-border trade settlement platform;5、 .我国货币当局可以与人民币跨境流通规模较大的周边国家和地区的货币当局签订协议，允许其在一定额度内将人民币兑换成美元、欧

46、元等国际货币，以提升周边国家和地区居民对人民币的信心；China's monetary authorities and the larger cross-border circulation of RMB monetary authorities of the neighboring countries and regions signed an agreement, allowing it to a certain amount in RMB to the dollar, the euro and other international currencies in order to

47、enhance the confidence of residents in neighboring countries and areas on the Yuan;6、 建设以香港为基地的人民币离岸金融中心，作为我国资本项目尚没有完全开放之前的一个过渡性安排，以消除境外机构缺乏人民币投资与避险工具的障碍。6, construction to be based offshore financial centres, as China's capital account is not yet fully open before a transitional arrangement in

48、order to eliminate barriers to foreign institutions lack of RMB investment and hedging tool. 7、 继续积极创造人民币国际化的政治、经济条件。7, continue to actively promote internationalisation of the political and economic conditions.中国经济必须持续稳定增长并在亚洲地区保持领先地位，继续保持人民币币值的相对稳定，这是人民币国际化的基础。Must be sustained and steady eco

49、nomic growth in China and to maintain its leading position in the region, continue to maintain the relative stability of the Yuan, which is the basis for internationalisation.同时，加强与周边国家和地区高层政府间的交流，成为国际经济活动的重要参与者和推动者。At the same time, strengthening the high-level intergovernmental exchanges with neig

50、hboring countries and regions, who became an important participant in international economic activities and promote.从而消除周边国家和地区对我国的担心和疑虑Eliminates peripheral countries and regions of our fears and anxieties.。进一步加强与周边国家和世界各国的直接投资与贸易，改进金融服务，加强对人民币跨境流通的统计监测，设立人民币自由兑换试验区。Further strengthen with the neig

51、hboring countries and all over the world direct investment and trade, improve financial services, strengthening statistical monitoring of cross-border circulation of RMB, RMB free exchange zone established.这是推动人民币国际化的重要力量。This is to internationalise the major force. Self comment: 1、 逐

52、步实现人民币在资本项目下的自由兑换1, the Yuan under the capital account convertibility gradually 针对中国的实际情况， 在促进资金流入方面， 对于外商直接投资可逐渐实行外国直接投资的汇兑自由；China's actual situation, role in promoting capital flows, foreign direct investment can be gradually introduced freedom of Exchange in foreign direct inv

53、estment;可逐步适当放宽外国投资者在中国金融市场上的投资， 加大证券资本的流入；Can gradually relaxed foreign investors ' investment in China's financial markets, increase the inflows of portfolio capital;在对待资本流出方面，应完全放松境内居民、机构对海外投资的限制。In the case of capital outflows should be completely relax restrictions on overseas inve

54、stment by domestic residents, bodies. 总之， 当前我们加快推进人民币资本项目可兑换，可以进一步促使人民币国际化，为人民币自由兑换奠定必要基础 All in all, we accelerate the Renminbi capital account convertibility, can further promote the internationalisation of the Renminbi, RMB free exchange to lay the necessary foundation 2、逐步完善资

55、本市场体系 2, and gradually perfecting the capital market system完善资本市场体系, 必须首先完善中国的金融体系。 健全的金融体系是货币国际化的有力保证。具体包括多元化、国际化的金融机构和功能齐全的金融市场。Perfecting the capital market system, you must first improve China's financial system.Sound financial systems is a strong guarantee of currency interna

56、tionalization.Includes a wide range of financial markets, international financial institutions and fully functional.而如果中国建立起相当规模的国际金融市场,成为国际离岸金融业务中心,通过接受以人民币计价的短期流动性较强的负债,向国际上提供长期流动性较弱的贷款 , 借以提高国际清算能力和货币转换能力,就为我国参与世界经济循环提供了重要条件和工具,使人民币国际化更具现实意义。And if China built up a sizable international

57、 financial markets, as an international offshore financial center, by accepting the short-term liquid liabilities denominated in Renminbi, weak long-term liquidity loans to international, which will increase capacity for international settlement and currency conversion capabilities, provide importan

58、t conditions for our participation in the world economic cycle and tools so that internationalisation is more realistic. 3、 逐步完善人民币汇率市场 3, gradually improve the RMB exchange rate markets在人民币国际化的过程中, 人民币汇率是金融稳定的重要内容。人民币自由兑换及其合理的汇率形成机制都有赖于完善有效的外汇市场In the process of internationalisa

59、tion of the Renminbi exchange rate are important elements of financial stability.RMB free exchange and its reasonable exchange rate formation mechanism will depend on effective foreign exchange market.。如果人民币经常处于高估或者低估的状态, 会引起人民币投机资金的频繁跨境流动, 这种投机性的人民币跨境流动除了会导致我国货币供给量的频繁波动外, 还很可能会导致人民币的

60、汇率在短时间内做较大幅度的调整, 对经济的冲击很大。If the constant state of overvalued or undervalued renminbi, would cause the currency of frequent cross-border speculative money flows, such speculative cross-border renminbi flows in addition to frequent fluctuations can result in monetary supply in China, it is likely to lead to the Renminbi's exchange rate also make large changes in a short time, impact on the economy is very big.所以我国应该建立更为主动的汇率形成机制, 逐步向意愿结汇过渡, 逐步放松国家对外汇市场的直接管制, 真正形成由市场起基础性作用