RMB Internationalization Of Relay In Russia

Since the P crisis in Ukraine, the Central Bank of Russia has been committed to creating a payment system to reduce Russia's dependence on western groups such as VISA and MasterCard, and set up an account to trade with renminbi, Hong Kong dollar and Singapore dollar, highlighting Russia's attempt to turn to Asia at a time of tension with Europe. Russian companies are worried that Western sanctions may kick them out of the US dollar market, and are preparing to switch to Renminbi and other Asian currencies when they enter into contracts. < /p >
"P >, therefore, whether the Central Bank of Russia or foreign banks in Russia and Russian exporters are all considering the settlement of cross-border business with currencies outside the US dollar. With the closer ties between China and Russia and the pressure of G7 on Russia and China, the possibility of cross-border trade in Russia using relatively strong Renminbi for settlement is very large, and Russia is a resource exporter. It is also natural for China and other trade deficit countries to export their currencies. Even if they are settled in rubles, they will need to be converted into roubles. < /p >
From the Russian side, after the outbreak of Ukraine's fuse, it also brought some "things" to Russia, including the threat and sanctions imposed by the US Joint European Union against Russia, which made Russia have to turn to Asia's economically active area in recent years, and the speed and movement of the transfer were also unexpectedly fast. < /p >
From P, the internationalization of RMB has become an irreversible trend. The internationalization of RMB means that the renminbi will become the global payment and settlement currency, financial transaction currency and reserve currency. Moreover, the ultimate goal of RMB internationalization is to make the RMB a real international currency. < /p >
In July 2009, China launched the pilot scheme for RMB settlement in cross-border trade. In the year, the settlement amount was only 3 billion 600 million yuan, while in 2013 it reached 4 trillion and 630 billion yuan. According to the latest data released by SWIFT, in April this year, the renminbi has become the world's seventh largest a href= "//www.sjfzxm.com/news/index_cj.asp" > payment currency < /a >, ranking behind the US dollar, euro, pound sterling, Japanese yen, Canadian dollar and Australian dollar. < /p >
< p > now, more and more countries are close to China and undertake various RMB settlement business, which provides convenience for eligible countries and regions that are prepared to pass RMB < a href= "//www.sjfzxm.com/news/index_cj.asp" > /a >. < /p >
< p > London has long been a longstanding idea to become a western a href= //www.sjfzxm.com/news/index_cj.asp. Recently, Wang Huabin, assistant general manager of the London branch of Bank of China, said that the largest amount of offshore renminbi deposits is not a necessary condition. As a global foreign exchange trading center, London can also become an offshore RMB center. < /p >
Shamugen Jakumar, Minister of foreign affairs and legal department of Singapore, attended the opening ceremony of Dahua bank Shanghai free trade pilot area branch in June 14th. He said Singapore hopes to actively participate in and promote the process of RMB internationalization and support China's reform and opening up to the outside world. P Singapore has become the largest offshore RMB settlement center outside China since the RMB clearing bank in Singapore. The second largest bank of Singapore, Dahua bank, announced at its opening ceremony of the Shanghai Free Trade Zone branch that it would focus on cross-border financing of RMB to support the growing trade and investment between China and Asia. < /p >
< p > we must say that when Russia is being attacked, it is reasonable to consider the alternative way of settling accounts. However, there are certain considerations in choosing RMB. Now more and more cross-border businesses are settled in RMB. While Russia chooses this way of settlement, the transaction efficiency of the two countries will obviously increase. < /p >
"P > China has continuously launched the renminbi, while shaping the image of an economic power, it has also continuously strengthened the link between China and the world. If Russia uses RMB settlement, this will not only strengthen the ties between the two countries, but also relay the" one stick "for the internationalization of RMB. < /p >