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China Join Wto 10 Years :a Decade of Rmb Way to Go

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2011 is the "second five" first year, China's accession to the World Trade Organization is the first 10 years. 10 years, China has actively fulfills its WTO commitments, to promote the economic and financial reform, a more positive and open attitude to meet the challenges of globalization. With China's economic strength and international status is rising, rising international status of the yuan, in the world economy growing role of the yuan an international basis in reality more and more solid, the pace of the yuan out of the country continues to accelerate.

From November 28, the People's Bank of China's RMB exchange rate published daily, the Australian dollar and Canadian dollar has added a new RMB exchange rate quotations. So far, China's RMB inter-bank market transactions in foreign currency has risen to 9 species. Direct conversion of RMB into the multi-currency trend is already evident. As more parts of the renminbi and the currency to achieve a direct trade, exchange, the yuan will be more room to play a role.

Based regionalization

Starting from the payment and settlement of trade

Today, the yuan, with China's economic development has been gradually integrated into the international economy, walking in the internationalization process. As the market reads: RMB from years ago, the international monetary system in nobody, and today more and more countries have entered the currency exchange, ATM machine, and even the central bank repository.

Looking back 10 years, as early as 1991, the People's Bank has with Vietnam, Mongolia, Laos, Nepal, Russia, Kyrgyzstan, North Korea and Kazakhstan, eight border adjacent to the central banks signed a border trade settlement currency of the agreement, not only promote the development of border trade, but also promoted the use of RMB in neighboring countries.

July 10, 2008, People's Bank of China State Council approved the "three" program, two newly established Division of monetary policy, and its functions include "the process of internationalization of the RMB under development offshore yuan market." This is the official document for the first time publicly mentioned the internationalization of the RMB, which officially opened the curtain to promote the policy of RMB regionalization.

From December 2008 to date, China's central bank has with South Korea, Hong Kong, Malaysia, Belarus, Indonesia, Argentina, Iceland, Singapore, New Zealand, Uzbekistan, Mongolia, Kazakhstan, Russia and other countries and regions of central banks and monetary authorities to sign a currency swap agreement, the total amount on the trillion yuan. The signing of a series of currency swap agreements, cross-border renminbi settlement for the financial support provided by the foundation for the internationalization of the RMB has laid an important foundation.

July 2009, China launched a pilot cross-border trade in RMB, then, gradually expanding the scope of the pilot, June 22, 2010, cross-border trade in RMB clearing pilot expanded to 20 provinces (autonomous regions and municipalities), while outside the region extended to the world. August 23, 2011, the RMB settlement of cross-border trade within the geographical scope to the whole country.

Can be seen, the WTO 10 years, the RMB cross-border use and has gone through a process of international regional and gradually expand the scale, the field continues to expand, diversify the way the process, with market-based demand-driven, policy driven by the flow characteristics, and China reform and opening-up process, comprehensive national strength growing, further close economic integration with the international and overseas on the Chinese economy and the yuan to gradually increase the confidence of the same strain, for the promotion of exchanges between China's foreign trade has played an active role. "We go out of the RMB path is correct and sound," Zhao Qingming, an international financial expert in the interview with this reporter, said that China has gradually established and implemented to trade in services from trade in goods out of the mechanism of the RMB, realized from the current completely open to the gradual liberalization of the capital.

Actively promote the reform of

Continue to improve the exchange rate mechanism

As we all know, the premise of the internationalization of the RMB exchange rate, including money market and the worldwide use and acceptance.

January 1, 1994, China began to implement a market-based, single, managed floating exchange rate system. Businesses and individuals required to trade foreign exchange banks, banks enter the interbank foreign exchange market trading, a market exchange rate. The central bank set the exchange rate floating range, and by regulating the market to maintain the RMB exchange rate stable. Before the end of 1997, the RMB exchange rate remained steadily against the U.S. dollar, the RMB at home and abroad growing confidence. The beginning of 1998, the Asian financial crisis in order to prevent neighboring countries and regions during the currency devaluation turns the further spread of the Chinese government promised not to devalue the yuan, the initiative will be the basic stability of RMB against the U.S. dollar at 8.28 yuan level.

With the gradual weakening of the Asian financial crisis and China's economic and financial system continued to deepen, July 21, 2005 China once again to improve the RMB exchange rate formation mechanism of the RMB against the U.S. dollar one-time revaluation of 2% after the introduction of market supply and demand with reference to a basket of currencies, a managed floating exchange rate system. At the same time, deepening the foreign exchange system reform, rationalize foreign exchange supply and demand, speed up the cultivation of the foreign exchange market, market-determined exchange rate of the technology platform shape, increase flexibility of RMB exchange rate. Deterioration of the international financial crisis in 2008, many national currencies against the U.S. dollar depreciated, and again narrowed the RMB exchange rate floating range, stabilize market expectations, to resist the crisis played an important role, as the

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