Further Increase In Sino British Financial Cooperation And Internationalization Of RMB

< p > > when a href= "//www.sjfzxm.com" > trade < /a > and investment scale to a certain extent, corresponding financial support and services must keep pace.

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When p was growing at a low speed in China's foreign trade, trade and investment growth in China and the United Kingdom reached two digits, while London was also a global financial center.

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< p > June 19th, a researcher from a state organ who asked not to be named told reporters that when Premier Li Keqiang visited Britain, he participated in the Sino British Global Economic Roundtable gathering of global financial giants. He mainly discussed financial issues and established a series of achievements such as the establishment of the clearing bank of China Construction Bank in London, which not only provided services for substantive trade and investment, but also made an important step in the strategy of RMB internationalization.

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< p > "you know, when the dollar was internationalized, it was also through London."

The source said.

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< p > < strong > supporting the real economy needs < /strong > /p >

< p > "this Premier Li Keqiang's visit coincides with the bilateral trade reaching a new high."

British Prime Minister Cameron said in June 17th at 10 Downing street, the prime minister's office.

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In 2013 P, trade between China and the United Kingdom reached a record high of 70 billion US dollars.

In the first 5 months of this year, bilateral trade between China and Britain reached US $30 billion 200 million, an increase of 22% over the same period last year.

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Zhou Xiaoming, a commercial counselor of the Chinese Embassy in Britain, said that since 2013, China has invested more than 16 billion dollars in the UK.

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< p > when trade and investment reach a certain scale, the use of RMB settlement to trade enterprises can avoid exchange rate risk and reduce exchange losses, which will facilitate the investment and financing of enterprises.

The first step in the internationalization of RMB is cross border settlement. "Going global" means building offshore centers.

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"P >" since July 2009, the RMB began to trial cross-border trade settlement business to fully implement, so far 5 years.

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The status of China's economic, trade and investment status in the world can be seen from the scale of cross-border RMB settlement. < p >

According to the data published by the people's Bank of China in the fixed season, the scale of cross-border RMB settlement is expanding.

In 2011, the scale was 2 trillion and 80 billion yuan, and the direct investment RMB settlement business totaled 110 billion 900 million. In 2012, the corresponding two data were 2 trillion and 940 billion yuan and 280 billion 200 million yuan respectively.

Last year it increased exponentially to 4 trillion and 630 billion yuan and 533 billion 700 million yuan.

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< p > the expansion of cross-border RMB size depends on the demand for trade and the investment demand of Chinese enterprises going out, and London is an important financial center in the world.

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< p > "in this case, it is time for China to set up offshore RMB center in London."

The researchers said.

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< p > < strong > RMB internationalization is the key to Europe. < /strong > < /p >

In February this year, the British government actively negotiated with China to set up RMB clearing bank in London. P

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< p > George Osborne, British Chancellor of the exchequer, said that 2/3 has occurred in London outside the mainland and outside the Hongkong Special Administrative Region.

The renminbi trading and investment activities in London's offshore centres are growing rapidly.

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< p > China and Britain signed a two-year currency swap agreement with a scale of 200 billion yuan in June 2013 and became the first seven industrial country with RMB exchange swap agreement in three.

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< p > Li Keqiang participated in the Sino British round table of global economy. China Construction Bank was designated as the clearing bank of London. It is an important European strategy of "a href=" //www.sjfzxm.com/news/index_cj.asp "RMB" /a "internationalization.

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< p > the above researchers say that the renminbi will expand to overseas circulation and always have to find some landing areas.

In addition to setting up a Renminbi separation center in China's Hongkong and Singapore, it is also necessary to find a fulcrum in the developed countries that can pry Europe and the United States.

London, which has a global financial centre and good infrastructure, is undoubtedly a good choice.

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< p > he also mentioned that the establishment of a clearing bank is only a matter of prior work, and the subsequent need for policy landing and capital account liberalization.

The RMB and Sterling can be directly traded, which will help Chinese enterprises to issue RMB bonds in London for asset management.

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Li Keqiang P also mentioned inclusive growth when he visited Britain.

Internally, he believes that structural reforms must be carried out to mobilize the enthusiasm of the market players, especially the private sector, to strengthen the supervision of Finance and taxation, and to enhance the pparency of regulation.

Li Keqiang said that China is willing to strengthen cooperation with international economic and financial organizations and institutions to promote the organic convergence of currencies and international reserves of emerging market countries less than a href= "//www.sjfzxm.com" > currencies < /a >, so that emerging market countries and developed countries can develop together.

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