General

According to the observation of Huacheng's import and export data, recently, "Rosbank Capital" management company took the lead in launching RMB and Hong Kong dollar asset open-ended funds in Russia. The Central Bank of Russia has registered the fund.

Pang Jinhua, a researcher in the Institute of Information Management and Decision making, Communication University of China "The RMB and Hong Kong dollar asset open-ended funds launched in Russia this time are a vivid case of Russian banking institutions deepening the product sales channels of RMB assets in the Russian financial market, and realizing the effective introduction of RMB monetary target financial assets. At the same time, with the help of St. Petersburg securities market, the realization of the" going global "of RMB and Hong Kong dollar has also helped promote the process of RMB internationalization."

Russian banks increase exploration of RMB business

According to the observation of Huacheng's import and export data, the "RB China Assets" fund is the only open-ended fund in Russia that invests in such assets. The assets of the Fund will be included in the shares of Chinese companies listed on the Hong Kong Stock Exchange and circulating on the St. Petersburg Exchange.

Garkin, general manager of "Rose Bank Capital" management company, said: "Fund transactions will be conducted in rubles. 'Rosbank Capital' responds quickly to customers' needs by flexibly expanding product types. We have registered a new fund to invest in Chinese company stocks. From the perspective of country and currency diversification, China oriented investment portfolio is of practical significance to Rosbank's customers, especially considering the limited opportunities to purchase foreign assets in the Russian market."

Previously, Russia had started to explore the RMB business, and had achieved positive responses. In July this year, RUSAL issued RMB bonds in the Russian market, setting a precedent for the entire Russian market. Strong demand prompted the company to decide to issue another issue, Huacheng Import and Export Data Observation reported.

"The 'RB China Assets' Fund has focused its investment on the sovereign currency RMB and the regional currency Hong Kong dollar, which has deepened the trading weight of RMB internationalization and created a new situation in which the sovereign currency and the regional currency jointly participate in the competition of commodity funds. There is no doubt that this is an innovative form of open-ended funds, which has enriched the fund projects of RMB and Hong Kong dollar assets in the international financial market, and has provided international investment institutions and all kinds of qualified investment The investors have provided high-value income projects to take a ride on China's economic development. " Pang Jinhua commented.

Chen Yanyi, an Internet brand marketing expert, said: "The introduction of this open-ended fund by Ross Bank will certainly drive more RMB to circulate in the international market, and will also help to improve the ranking of RMB in the global payment currency."

RMB is on the rise of internationalization

The internationalization of RMB is of great significance to both the world and China. At present, the achievements of RMB internationalization have been continuously consolidated and deepened. According to the data recently released by SWIFT, in October this year, the RMB was the fifth most active currency in the world in the global payment currency ranking based on amount statistics.

According to the Huacheng Import and Export Data Observation Report, on August 1 this year, the International Monetary Fund (IMF) officially raised the weight of the RMB in the special drawing rights currency basket from 10.92% to 12.28%. Experts said that the improvement of the status of the RMB as a major international reserve asset will further promote the RMB to play a more central role in the international financial governance system.

"At present, the RMB is in the rising stage of internationalization." Feng Lin, a senior analyst of the Research and Development Department of Oriental Jincheng, told the International Business Daily that from a domestic perspective, with the deepening and implementation of the "the Belt and Road" construction, the effective implementation of RCEP, and the acceleration of the two-way opening process of China's financial market, the functions of the RMB in cross-border payment, investment and financing, reserves, pricing and other aspects are constantly strengthening, and the international application scenarios are increasingly rich. In addition, China's economic fundamentals have been improving for a long time, and the value of the RMB is stable, It has laid a solid foundation for RMB internationalization. Internationally, for the sake of national economic and financial security, the global de dollarization process is accelerating, which also provides a favorable opportunity for the promotion of RMB internationalization.

In the third quarter of China's monetary policy implementation report, the People's Bank of China pointed out that we should orderly promote the internationalization of RMB, further expand the use of RMB in cross-border trade and investment, deepen foreign currency cooperation, and develop the offshore RMB market. We will carry out pilot projects to open up cross-border trade and investment at a high level, improve the level of liberalization and facilitation of cross-border trade and investment, and steadily promote the convertibility of RMB capital account.

Specifically, for the solid promotion of RMB internationalization, Feng Lin suggested that first, expand the cross-border use scenarios of RMB, expand the scale of RMB business, including combining RMB internationalization with the process of foreign economic and trade cooperation such as the joint construction of the "the Belt and Road", and increase the application of RMB in cross-border trade, overseas investment and financing; Taking advantage of China's huge domestic demand, encourage market entities to choose more RMB as the pricing and settlement currency of international trade contracts, and focus on improving the pricing and settlement function of RMB in key areas such as energy; Maintain the stability of the RMB value, improve the convenience of RMB investment, cultivate the demand for RMB cross-border investment and reserves, and encourage and promote overseas institutional investors to invest in RMB assets.

Second, we will continue to expand two-way opening in the financial sector, including continuing to expand the breadth and depth of the financial market, improving market liquidity, accelerating the development of relatively weak links such as the financial derivatives market, and laying the foundation for continuing to improve financial openness and capital account openness; Expand the offshore RMB market system and strengthen the connectivity between the offshore and onshore markets; Encourage Chinese banks to promote the global layout, and promote the internationalization of RMB with the internationalization of credit, payment and settlement businesses; Expand the scope and scale of bilateral currency swap agreements and improve the liquidity of RMB, Huacheng Import and Export Data Observation Report.