Renminbi internationalization process may re-accelerate
ANBOUND
The internationalization of renminbi is an important measure of China's economic opening up, in the macroeconomic aspects it is of important strategic significance, but also a long-term strategy to ease the dilemma of China's economic development. In this regard, the recent position of domestic financial officials reveals that the Chinese financial management department's next step on the policy of the internationalization of renminbi. We believe that the pace of internationalization of renminbi may re-accelerate, at the same time this may also be accompanied by the relevant reforms. For instance, the IMF emphasizes the currency should be "freely used" for the SDR member states; in the future there will be relevant reform initiatives. China's policy makers are more concerned about utilizing opening-up to promote reform, and utilizing reform to promote opening-up. With the foreign exchange market trend stabilizing in the future, it cannot be excluded that in the capital control policy, there may be corresponding adjustments.