reporter yanliliang
the Central Bank said yesterday, approved by the State Council, the Central Bank and the Central Bank of Mongolia in Ulaanbaatar have signed amounting to 5 billion worth of bilateral currency swap agreements, agreement is valid for three years, can be extended by mutual consent. Since the beginning of this year's Central Bank signed such agreements with third countries, further speeding up the process of internationalization of RMB. Since 2008, and 11 countries and regions of China signed a currency swap agreement, totals $ 834.2 billion RMB.
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a State-owned commercial banks, experts said bilateral currency swap agreements the country or region, provide short-term liquidity support through local currency swaps can be mutual, for in each other's branch of national commercial banks provide financing to facilitate and promote the development of bilateral trade, promoting financial stability in the region.
associated with bilateral trade RMB settlement has been the focus of attention in the near future. Central Bank statistics show that the first quarter of 2011, banking Trojan for cross-border trade settlement business of 360.32 billion yuan, $ 19 billion increase over the last quarter of 2010. Among them, export settlement amount of $ 20.23 billion for trade in goods, import clearing rate of $ 285.37 billion; service export trade and other current project settlement amount $ 19.59 billion, import clearing rate of $ 35.13 billion. The first quarter, cross-border trade RMB settlement the actual payment total amount of 258.47 billion yuan, which paid $ 39.25 billion, out-of-Pocket 219.22 billion yuan, the income ratio of 1:5, representing a decline at the end. Among them, and of cross-border transactions than the highest areas of Hong Kong.
the expert considers that, signed a currency swap agreement can enhance the use of RMB in some countries, a certain extent, is paving the way for the internationalization of renminbi regionalization. At the same time on both sides will also reduce the signatories in trading activity in the dollar exchange rate fluctuation risks faced by so conducive to the development of bilateral trade. Recent rise in the Renminbi exchange rate against the dollar, also highlighted the importance of bilateral currency swap agreements in import and export trade.
