Last year, the amount of RMB cross -border receipts hit a record high!Central Bank: Promote the opening of the financial market to a comprehensive institutional type, and improve the liquidity of RMB financial assets

On September 23, the central bank issued the "RMB International Report of 2022" (hereinafter referred to as the "Report"). In 2021, the total number of cross -border receipts of banks was 36.6 trillion yuan, an increase of 29.0%year -on -year, and the receiving amount reached a record high. The overall balance of RMB cross -border income and expenditure, with a cumulative net inflow of 404.47 billion yuan throughout the year.

The "Report" also pointed out that in the next stage, the central bank will promote the internationalization of the RMB carefully based on market -driven and autonomous choice of enterprises. Further consolidate the basic institutional arrangements for cross -border use of RMB, meet the needs of the RMB use of good entity departments, promote the two -way opening of the financial market in a higher level, and promote the virtuous cycle of the RMB in the shore and offshore market. At the same time, the cross -border capital flow macro -prudential management framework that continues to improve the integration of domestic and foreign currency, establish and improve the surveillance, evaluation and early warning system of cross -border capital flow, and firmly adhere to the bottom line that does not occur without systemic risks.

In the first half of the year, RMB cross -border receipts increased by 15.7% year -on -year

The "Report" announced the overall situation of the RMB cross -border use in 2021. In 2021, the total amount of RMB cross -border receipts was 3.661 trillion yuan, a year -on -year increase of 29.0%. Among them, the revenue of 18.51 trillion yuan, a year -on -year increase of 31.3%; the real -time paid was 18.10 trillion yuan, a year -on -year increase of 26.7%. The receiving ratio was 1: 0.98, and the net inflow was 404.470 billion yuan. The net outflow was 185.786 billion yuan in the same period last year.

In addition, RMB cross -border receipts accounted for 47.4%of the total domestic and foreign currency cross -border receipts, an increase of 1.2 percentage points from 2020. In the first half of 2022, the RMB cross -border receipt amount was 2.032 trillion yuan, an increase of 15.7%year -on -year, and the proportion of cross -border receipts and payment of domestic and foreign currencies increased to 49.1%during the same period.

From the perspective of regional point of view, the cross -border receipts of Shanghai, Beijing, and Shenzhen continued to rank among the top three in the country. In 2021, the cross -border receipts of the three places accounted for 49.1%, 21.1%, and 8.5%of the total cross -border receipts across the country, respectively. In 2021, a total of 11 provinces (autonomous regions and municipalities) across the country exceeded 200 billion yuan in cross -border receipts, and the total receipts and payment amounts of eight border provinces and autonomous regions were 629.41 billion yuan, an increase of 13.9%year -on -year. In the first half of 2022, the cross -border receipts of Shanghai, Beijing, and Shenzhen accounted for 48.3%, 20.2%, and 7.7%of the total cross -border receipts across the country, respectively.

It is worth mentioning that the central bank pointed out in the "Report" column that in recent years, the RMB internationalization index has generally risen. At the end of 2021, the RMB internationalized comprehensive index was 2.80, an increase of 17%year -on -year. In the first quarter of 2022, the RMB internationalized comprehensive index was 2.86, an increase of 14%year -on -year.

It is reported that the internationalization of currency refers to the currency issued by a country or region to become a currency with a valuation unit, a transaction medium and value storage function outside the country or region. In order to measure the internationalization of a country's currency, it can be selected for quantitative assessment with some key indicators related to international currency functions such as payment, investment currency, financing currency and reserve currency.

Continue to improve the offshore RMB liquidity supply mechanism

Mentioning the trend of the next stage, the "Report" pointed out that it adheres to market -driven and autonomous choice of enterprises to steadily improve the internationalization level of the RMB. Always adhere to the expansion of high levels of opening up to the outside world, use service to build a new development pattern of "dual -cycle", promote trade and investment facilitation, and further improve the policy support system for cross -border use of RMB and internationalized infrastructure to better serve the real economy Essence Promote the two -way opening of the financial market in a higher level, and promote the virtuous circle of RMB in the shore and offshore markets. Further improve the macro -prudential management of cross -border capital flows that are integrated with local and foreign currency, and firmly adhere to the bottom line that does not occur without systemic risks.

Specifically, it is mainly reflected in the following aspects:

The first is to expand the use of RMB in foreign trade investment. In recent years, the demand for endogenous demand for market entities to use RMB in cross -border trade investment to reduce risk of currency mismatch has risen. In order to better meet market demand, it is necessary to continue to do system design, policy support and market cultivation, strengthen the coordination of domestic and foreign currency, and support market entities to use more RMB in foreign trade investment. Further promote the pilot pilot of the integration fund pool of multinational companies and foreign currency. Focusing on the construction of the free trade pilot zone (free trade port), the Guangdong -Hong Kong -Macao Greater Bay Area and the Shanghai International Financial Center, promote the innovation of RMB cross -border investment and financing business, and continuously enhance the willingness to use RMB in domestic and foreign market entities in trade investment.

The second is to steadily promote the two -way financial market. Promote the open transformation of the financial market to a comprehensive system, and improve the liquidity of RMB financial assets. Further facilitate foreign investors to invest in the Chinese market, enrich the types of assets that can be investable, and facilitate foreign investors, especially central bank institutions to allocate more RMB assets. Support overseas entities to issue "Panda Bonds", and continue to do a good job of pilot work of the "Cross -border Financial Management" of the Guangdong -Hong Kong -Macao Greater Bay Area.

The third is to continue to deepen central bank monetary financial cooperation.Continue to steadily promote the bilateral bilateral currency exchange and local currency settlement cooperation between the central banks, give full play to the role of currency swaps in supporting the development of the offshore RMB market and promoting the facilitation of trade and investment, and explore LCS cooperation with other ASEAN countries and neighboring countries.Promote the direct transactions of RMB to related countries and support the development of local RMB foreign exchange markets for foreign countries and regions.The fourth is to support the healthy and orderly development of the offshore RMB market.Give full play to the role of the exchange arrangement with Hong Kong's standing currency swap, and provide long -term stable RMB liquidity for the Hong Kong RMB market.Continue to improve the liquidity supply mechanism of offshore RMB, stimulate the power of market entities to innovate and develop offshore RMB market products and services, enrich the offshore RMB product system, and promote the formation of a virtuous cycle of RMB in the shore and offshore markets.Optimize the layout of the RMB liquidation bank, strengthen policy support for liquidation banks, and give full play to the positive role of liquidation banks to cultivate the offshore RMB market.

Daily Economic News

- END -