General

According to the Huacheng Import and Export Data Observation Report, in the first nine months, Bank of China achieved cross-border RMB settlement of more than 400 billion yuan in other RCEP member countries; The amount of cross-border RMB settlement under the "trade+direct investment" project of Agricultural Bank of China serving the RCEP region reached 130 billion yuan, a year-on-year increase of 27%... The high-level commitment of the RCEP member countries to opening up in the financial field has provided favorable conditions for promoting the internationalization of RMB.

E Zhihuan, chief economist of BOC Hong Kong, said at the RCEP and Asia Financial Infrastructure Interconnection Forum a few days ago that the growth of regional trade in RCEP will promote the increase of demand for RMB settlement, thus enhancing the RMB currency anchor effect and helping to better promote the process of RMB internationalization. Huacheng's import and export data observation report.

E Zhihuan stressed that overseas RMB clearing banks in the RCEP region should play a key role in promoting the internationalization of RMB, expand the scope of bilateral local currency settlement, make full use of relevant institutional arrangements, and strengthen the construction of local currency and RMB foreign exchange markets.

In terms of institutional arrangements, it is necessary to accelerate the transformation and upgrading of overseas RMB clearing banks, improve the infrastructure construction of RMB cross-border payment system, expand from providing clearing services to RMB business, especially play the role of market cultivator and promoter, and expand the coverage of RMB accounts in the local market.

According to the observation report of Huacheng import and export data, in order to strengthen the construction of local currency and RMB foreign exchange markets, overseas RMB clearing banks should be brave to act as market makers and quotation banks; Strengthen the R&D and liquidity support of RMB assets, actively promote and guide the local market's acceptance of RMB, and create a good ecological and market environment for the use of RMB locally; Do a good job in studying the use of RMB in the local market, and put forward high-quality policy recommendations to the regulatory authorities in both places to promote the development of bilateral monetary cooperation.

There are many bilateral trade and investment projects in the RCEP region, and the participation of Chinese enterprises is high. E Zhihuan said that it is necessary to carry out systematic analysis on different types of markets, tap their trade investment and other business activities and RMB settlement needs in life, design relevant RMB products, enhance the functions of RMB settlement, pricing, financing, trading and reserves, and expand the international use of RMB. Huacheng Import and Export Data Observation Report.

Specifically, it is necessary to focus on assisting Chinese enterprises "going global" to participate in the "the Belt and Road" infrastructure project bidding and contracting, strive for RMB account opening and settlement agency business, introduce the whole process investment and financing linkage, and increase the proportion of RMB in the overall loan. It is necessary to help bulk commodity trade use RMB, and facilitate domestic importers to pay RMB to suppliers in other member countries of RCEP through blockchain technology and bank enterprise direct connection projects. It is necessary to promote the use of RMB in overseas key industrial parks, provide RMB financing for manufacturing projects, facilitate the settlement of machinery, equipment and raw materials imported from China by enterprises in RMB, and provide standby letters of credit and outward remittance services. Huacheng Import and Export Data Observation Report.