日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Yuan rising in global payments

By SHI JING in Shanghai | China Daily | Updated: 2022-02-18 08:09
Share
Share - WeChat
A teller counts cash at a bank in Nantong, Jiangsu province. [Photo by Xu Jingbai/for China Daily]

Renminbi retains fourth position on strong exports, world's confidence

The renminbi saw its share of global payments by value hit a record high of 3.2 percent in January, up from 2.7 percent in December.

This helped the Chinese currency to retain fourth place in the global list, behind the US dollar, the euro and the British pound.

The data were disclosed by the Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, a global financial messaging services provider, on Thursday.

Experts attributed the renminbi's strong performance in global payments to China's rising value of exports and the international community's increasing willingness to use the Chinese currency.

In December, the renminbi had risen one position to become the fourth most active currency for global payments by value, dislodging the Japanese yen. The last time it was in fourth place was in September 2015.

Measured by payment value, renminbi payments in January rose by almost 11 percent from a month earlier, while that of all the other currencies contracted by 6.48 percent during the same period, SWIFT said.

Wang Youxin, a senior researcher at Bank of China, said that the renminbi's bigger share is largely associated with China's rising role in international trade.

The global supply chain has met with many difficulties, especially due to the COVID-19, with trade and logistics services disrupted in overseas markets. But orders have been pouring in to China thanks to its resilient supply chain. As China's imports and exports grow, renminbi-denominated settlements have been more frequently used in international trade.

Against the US dollar's rising volatility, the renminbi's stable foreign exchange rate has strengthened international investors' confidence in using the Chinese currency for cross-border trade, investment and financing, Wang said.

Data provided by the General Administration of Customs earlier this month showed that the total value of China's goods imports and exports in 2021 expanded more than 21 percent year-on-year to top 39 trillion yuan.

Zhou Maohua, an analyst from China Everbright Bank, said the renminbi's position as a reserve currency worldwide has also been rising steadily over the past few years, showing the world's central banks' increasing confidence in the Chinese currency.

As the renminbi's foreign exchange rate is expected to remain steady, yuan-denominated assets will be more favored, given their rising safety. Also, they are used to hedge risks. In this sense, there is more room for growth for the renminbi as a reserve currency, he said.

Morgan Stanley predicted that the renminbi will become the world's third-largest reserve currency in 2030. The currency already ranks fifth in the International Monetary Fund's latest data.

However, the renminbi's international position at present does not match the size of China's economy, said Zhang Chun, a professor at the Shanghai Advanced Institute of Finance.

The US accounted for the largest share of 24.4 percent of the world's GDP in 2021, while China came in second with 17.9 percent. But the US dollar accounted for nearly 40 percent of global payments in January, according to SWIFT, in contrast to the renminbi's 3.2 percent.

Such mismatches may exert negative impact on Chinese companies and institutions' global operations and resource allocation. Chinese individuals may encounter certain difficulties when they plan to invest globally, said Zhang.

Addressing a forum in early December, Zhu Jun, head of the international department of the People's Bank of China, the central bank, said the offshore renminbi market should play a bigger role so that the Chinese currency can be better accepted globally.

To that end, Hong Kong, where over 70 percent of the offshore renminbi payments are completed every year, should enrich the offshore renminbi product portfolio and explore the issuance and trading mechanism of yuan-denominated stocks, Zhu said at the forum.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 午夜影视 | 亚洲精品中文字幕乱码一区二区 | 五月婷婷综合激情网 | 一区二区三区四区电影 | 免费观看一级黄色片 | 美女午夜色视频在线观看 | 欧美成人二区 | 午夜视频吧 | 欧美精品1区2区3区 色精品国产 | 91极品在线 | 最新国产视频 | 日本中文字幕免费 | 奇米9999 | 欧美久久综合 | 成人午夜免费视频毛片 | 天天操天天舔天天干 | 成年网站在线观看 | 成人在线观看av | 91精品国产色综合久久 | 久爱www成人网免费视频 | 国产成人精品免高潮在线观看 | 美女视频黄在线观看 | 色综合天天射 | 国产成人精品免费久久久久 | 久久精品国产亚洲麻豆 | 久久综合九色综合国产 | 成人欧美在线观看 | 欧美一级片毛片 | 中文字幕在线二区 | 日韩一级大毛片欧美一级 | 亚洲一区二区久久 | 欧美三级视频在线观看 | 欧美视频在线播放 | 美国黄色网址 | 中文字幕一区在线观看视频 | 午夜精品一区二区三区在线视频 | 久久久久av | 国产精品蜜臂在线观看 | 欧美国产日韩在线 | 亚洲视频一区在线观看 | 精品一区二区日本高清 |