Interview: RMB internationalization and steady progress potential — Ju Jiandong, director of the International Financial and Economic Research Center of the National Financial Research Institute of Tsinghua University

Xinhua News Agency, Beijing, June 30th. Interview: The potential for the internationalization of the RMB -Ju Jiandong, the director of the International Financial and Economic Research Center of the National Financial Research Institute of Tsinghua University

Xinhua News Agency reporter Guo Yujing

Ju Jiandong, director of the International Financial and Economic Research Center of Tsinghua University, said in an exclusive interview with Xinhua News Agency reporters that in recent years, the pace of internationalization of the renminbi has steadily advanced and made positive progress.

In May of this year, in the five -year special withdrawal right (SDR) fixed -rate review of the International Monetary Fund (IMF), it announced that the weight of the RMB in the special withdrawal right currency basket was raised from 10.92%to 12.28%. In this regard, Ju Jiandong believes that the current international situation is severe and complicated, and the weight of the RMB is the recognition of China's continuous promotion of financial openness. With the further deepening of China's financial market reform and opening up, the status of RMB in the global financial market has continued to improve, the international functions of currency have continued to expand and strengthen, and thus are favored by more and more investors.

Ju Jiandong said that on the one hand, the status of RMB as the international reserve currency continued to consolidate. According to the "official foreign exchange reserve currency composition" data released by IMF this year, in the fourth quarter of 2021, the proportion of RMB in global foreign exchange reserves reached a record high to 2.79%, ranking fifth in the world.

On the other hand, cross -border payment has made great progress. In March 2018, crude oil futures priced in RMB officially listed on the Shanghai Futures Exchange and became the first international futures variety in China. Since then, more international commodity futures for RMB are launched. And active participation, the use of the field of commodity trade has steadily increased. At the same time, the further popularization of the RMB cross -border payment system has also produced an important role in promoting the internationalization of the RMB.

Ju Jiandong said that from the current volume of China's real economy and the proportion of global trade, the internationalization of RMB has sufficient potential. In 2021, China's GDP (GDP) accounted for more than 18%of the global economy. In contrast, RMB accounts for less than 3%of global foreign exchange reserves.

Ju Jiandong believes that the Chinese economy is gradually overcome the influence of unfavorable factors such as the new crown epidemic and restore stable. The performance of stable performance is generally optimistic, and its attractiveness to global investors will be further enhanced.

[Editor in charge: Qiu Lifang]

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