久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

US EUROPE AFRICA ASIA 中文
Business / Economy

Europe helps boost yuan use internationally

By Cecily Liu (China Daily) Updated: 2014-09-29 06:56

Europe helps boost yuan use internationally

Initiatives from Beijing to internationalize the renminbi have created great competition among global financial centers across Europe, Asia and the US. CHINA DAILY

Yuan activities are accelerating across European financial centers including London, Paris and Luxembourg, signaling a big step forward in the internationalization of the currency and Europe's crucial role in supporting this process.

Following the UK-China Economic and Financial Dialogue on Sept 12, the UK government announced that it will issue the first sovereign renminbi bond outside China, worth 2 billion yuan ($325 million).

Industrial and Commercial Bank of China Ltd has received a branch license for wholesale operations in the United Kingdom, becoming the first Chinese bank to do so after recent regulatory changes. The changes resulted from intense lobbying by Chinese banks in recent years, given that previously foreign banks were only allowed subsidiaries in London.

In Paris and Luxembourg, Bank of China Ltd and ICBC were appointed as yuan clearing banks this month. This follows the appointment of clearing banks in London and Frankfurt in June.

An official clearing bank facilitates the efficient clearing of offshore renminbi transactions, achieved through the appointed bank's direct collaboration with the People's Bank of China.

"Most of the recent announcements have related to Europe, and clearly this increases the role and so importance of Europe in the international use of the renminbi," says Andrew Carmichael, a partner at Linklaters law firm in London.

This is partly due to Europe's position as the largest international trading bloc in the world, with highly developed financial centers, whereas the focus in the United States would always be the dollar, he says.

Carmichael says the spread of renminbi activities across Europe shows a continuation of the Chinese government's strategy of developing multiple offshore renminbi hubs, which he says will continue to internationalize the currency while maintaining choice and competition.

Each center will contribute to renminbi internationalization using their respective strengths. For example, Luxembourg may focus on fund management and listings of renminbi bonds, while London's advantage may be in underwriting and foreign exchange, Carmichael says.

China's push to internationalize its currency started in 2008, when the global financial crisis demonstrated the danger of overreliance on the US dollar.

During the G20 summit in November 2008, then president Hu Jintao called for "a new international financial order that is fair, just, inclusive and orderly".

Beijing soon began to encourage the use of its currency in international trade, swap arrangements among central banks, and bank deposits and bond issuances in Hong Kong.

Europe helps boost yuan use internationally

Europe helps boost yuan use internationally

Yuan-denominated green bond debuts in London 
Bank of China gets yuan mandate in Frankfurt 

Previous Page 1 2 3 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 亚洲成a人片| 亚洲国产精品一区二区第四页 | 欧美一区二区在线免费观看 | 日本一本色道 | 鲁丝片一区二区三区免费 | 黄色视品 | 免费一级毛片无毒不卡 | 无内丝袜透明在线播放 | 国产精品一区亚洲一区天堂 | 成人网18免费下 | 中文字幕一级 | 亚洲夜色| 久久久精品一区 | 欧美精品aaa久久久影院 | 成人做爰视频www网站 | 欧美日韩精品国产一区二区 | 亚洲国产精品热久久2022 | 欧美一级级a在线观看 | 国产特黄一级一片免费 | 久草福利社 | 日韩精品视频美在线精品视频 | 亚洲精品国产手机 | a级毛片免费高清毛片视频 a级毛片免费高清视频 | 国产大秀视频 | 91精品国产高清久久久久久io | 色国产精品| 国产精品亚洲一区二区三区在线观看 | 欧美大尺度xxxxx视频 | 一级做a爰片久久毛片人呢 一级做a爰片久久毛片唾 | 亚洲国产欧美日韩 | 精品综合久久久久久98 | 九九99九九在线精品视频 | 欧美日本道免费一区二区三区 | 午夜限制r级噜噜片一区二区 | 二区久久国产乱子伦免费精品 | 亚洲一级片免费看 | 亚洲精品一区二区观看 | 黄色美女网站视频 | 自怕偷自怕亚洲精品 | 日韩中文字幕在线视频 | 深夜做爰性大片很黄很色视频 |