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图片名称: Continued
出版时间: 2016年03月

Internationalization Report 2015 Monetary Strategy in “One Belt,One Road” Initiative

Introduction

Till 2014,if we count from 2009 when China started pilot cross-border RMB trade settlement service,the practice of internationalization of RMB has already been carried out for five years. Taking the experience of internationalizationof the sovereign credit currency into consideration,five years is quite short compared with the span of the rise of the main international currencies. Especially in the first period,it is easy for newly-developing international currencies to emerge,but is is almost impossible to progress stably and quickly. However,RMB is rewriting the history.

According to the calculation of research team from Renmin University of China (RUC),RMB internationalization index (RII) has reached 2.47% at the end of 2014. At the end of 2009,it was only 0.02%,which means it has increased more than 120 times in five years. Besides,the share of international use of the four main international currencies,including dollar,euro,yen and pound,decreased obviously when compared to last year. Meanwhile,the share of RMB,Canadian dollar,Australia dollar and many other newly-developing international currencies increased. At the end of 2014,the yen internationalization index had decreased to 3.82%. As long as there are no major adverse events,the degree of internationalization of RMB will surpass that of yen in the coming one to two years. Then RMB will be one of the major international currencies.

In 2014,the degree of internationalization of RMB kept on growing at a relatively high speed. Trade and finance were main motives. The acceptability of RMB increased in many countries. With the progress of regional trade cooperation,the policy of cross-border RMB trade settlement gradually settles down. In 2014 the amount o