Friday, September 26, 2014
Renminbi Internationalization Needs to Improve Capital Account's Management Ability
ANBOUND
With China being the largest commodity trading country in the world and the layout of off-shore RMB clearing centers, Renminbi internationalization has become a major force that promotes the reform of global monetary system. ANBOUND research team notices that what the relevant departments concern most now is that once the RMB has a certain scale overseas, it will bring pressure and impact on domestic monetary policy. However, this can be under control. RMB internationalization will contribute a lot to easing domestic structural contradiction, promoting Chinese economic development and increasing fiscal and tax income. The thirteenth five-year plan should surely take the changes of this major factor into consideration.