Renminbi Internationalization Continues to Explore New Models
The RMB internationalization process has been going on for more than ten years and has achieved initial results. The Currency Composition of Official Foreign Exchange Reserves (COFER) released by the International Monetary Fund (IMF) in July shows that the RMB has increased its share in global foreign exchange reserves to 2.45% by the end of the first quarter of this year. The latest data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) shows that the RMB maintains its position as the world's fifth most active currency in the ranking of global payment currencies based on amount statistics, with a 2.46% share.
A new model of RMB internationalization is also being explored. In recent years, the role of RMB in investment and financing, strengthening RMB-denominated commodities, gradually opening up onshore financial markets, and promoting the regionalization and internationalization of RMB through the "Belt and Road" construction have become useful attempts to internationalize RMB.
Among the new modes of exploration, the Middle East and North Africa is undoubtedly a region worthy of attention. From January to November 2020 alone, the bilateral trade volume between China and 18 MENA countries reached 244.8 billion U.S. dollars, exceeding the 244.3 billion U.S. dollars for the whole year of 2018. MENA is at the midpoint and intersection of the Belt and Road, and China and MENA countries have signed the Belt and Road cooperation agreement.
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