China's Gold Reform Along The Border Promotes RMB Internationalization

The renminbi is hard currency, which is more popular than the US dollar, in the mango market, a small town in the north of Vietnam, which is adjacent to China.

"RMB is popular in Vietnam. Basically, my business is RMB settlement. " Zhong Xiaohui, who is a sales agent for Chinese equipment in Mong Jie and Hanoi, said. "In fact, the Vietnamese authorities recognize the legal circulation of RMB on their border."

The central government of Vietnam is making greater efforts to build a special economic zone for China, which will lead to the opening up and economic development of northern Vietnam.

The dream of the special street in Mong Street hit a new opportunity for China's financial reform experiment along the border in 2013. This reform experiment aims at promoting the free circulation of RMB in the region, so as to enhance the influence and radiation power of the RMB in ASEAN and South Asian countries. The border area of Guangxi and Yunnan, including Dongxing, Guangxi, which is separated from the river of mang street, is the border financial reform pilot area.

Gradually expanding the use of RMB in the region, the border trial area is expected to explore and dominate the direction of the test in terms of exchange, settlement, and RMB reflux.

ASEAN is considered to be Renminbi. Internationalization The first stop. And expanding the use of RMB in the region is being tried and done. In the Greater Mekong region of Kampuchea and Laos, the renminbi gradually becomes hard currency. "Local supermarkets and big businesses welcome the use of RMB for shopping and consumption. Most traders welcome RMB settlement." A tour guide named Kampuchea surnamed Zhong told reporters. In the Phnom Penh supermarket, though the US dollar is still popular, the consumption of RMB is unblocked.

In late March, the State Bank of Kampuchea formally approved the ICBC (3.44, -0.01, -0.29%) Phnom Penh branch as the clearing bank of Kampuchea RMB business, providing comprehensive RMB clearing services including RMB account management, interbank liquidation, liquidity support and interbank capital market services for local interbank. Previously, ICBC has successfully expanded RMB clearing business in Singapore and Laos.

Public information shows that from 2009 RMB From the beginning of the cross-border trade settlement experiment to the end of 6 in 2013, the RMB cross-border settlement volume between China and ASEAN has exceeded 1 trillion and 120 billion yuan, and the number has increased year by year. At the same time, the total amount of bilateral currency swap agreements signed by the Central Bank of China [micro-blog] and the ASEAN region has reached more than 1.4 billion yuan. ????

However, at present, the "stall bank" is still an embarrassment. On the border between Guangxi and Yunnan, the "stall bank" dominates the daily market exchange rate of RMB against the Dong.

in China Construction Bank Peng Jinqiu, deputy governor of Pingxiang sub branch, said that in Pingxiang, the exchange between the RMB and the Vietnamese shield was done through the "stall bank". The "stall bank" announces the exchange price of the RMB and the Dong Dong at 10 o'clock every day, and the bank compares the price of the "stall bank" one hour later.

Yue Chaoyun, a researcher at the Yunnan Academy of Social Sciences, said in an interview with reporters that due to the objective reasons such as the underdeveloped financial system of the other countries, the temporary sale of foreign exchange occurred. Yunnan has a long border with Vietnam, Laos, Burma and other ASEAN countries.

However, Peng Jinqiu frankly stated that the current situation of currency exchange business led by the "stall bank" in the border trade between China and ASEAN is changing to the direction of the formal channel.