人民币国际化报告 2012 英文PDF|Epub|txt|kindle电子书版本网盘下载

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Chapter1 Internationalization Index of Renminbi1

1.1 RMB internationalization index and its principles1

1.1.1 Internationalization of the RMB1

1.1.2 The definition of RMB internationalization index2

1.1.3 The pu rpose of the compilation of RMB internationalization index2

1.2 The compilation principles of RMB internationalization index3

1.3 The compilation method of RMB internationalization index5

1.3.1 Indicator system5

1.3.2 The source and processing of data8

1.3.3 The model of RMB internationalization index11

1.3.4 The implication of RMB internationalization index12

1.4 The level of RMB internationalization since 201012

1.4.1 The performance 0f RMB internationalization index12

1.4.2 The analysis 0f the variation of RMB internationalization index13

1.5 Comparisons among internationalization index of major currencies15

Chapter2 Current Situation of RMB Internationalization17

2.1 RMB cross-border trade settlement18

2.1.1 Characters of RMB cross-border trade settlement18

2.1.2 Comparison of international trade settlement currencies22

2.2 RMB transactions in international financial market25

2.2.1 Foreign exchange market26

2.2.2 Stock market28

2.2.3 Derivative market29

2.2.4 Overseas credit market31

2.2.5 International bond and bill market32

2.2.6 Offshore financial market35

2.3 The current situation of direct investment and securities investment38

2.3.1 RMB overseas direct investment38

2.3.2 RMB foreign di rect investment39

2.3.3 Foreign-invested RMB financial assets39

2.4 RMB swap by monetary authorities40

2.5 RMB in global foreign exchange reserves42

2.6 Exchange rate of RMB43

2.6.1 RMB exchange rate system43

2.6.2 RMB exchange rate45

2.7 Current situation of China’s capital account openness50

Chapter3 Important Incidents and Their Influences56

3.1 Realize overall cross-border trade settled in Renminbi56

3.1.1 Ever expanding scope of cross-border trade settled in Renminbi56

3.1.2 Ever increasing content and amount of Renminbi settlement of cross-border trade57

3.1.3 Analysis of the influences59

3.2 Start experiment units of cross-border Renminbi capital flow62

3.2.1 Secu rity trade in capital market62

3.2.2 Renminbi direct investment65

3.3 Renminbi prepares to serve as reserve currency67

3.3.1 Sign cu rrency exchange agreements with foreign countries68

3.3.2 Foreign governmental institutions start to pay attention to Renminbi71

3.4 Building Hong Kong offshore Renminbi market74

3.4.1 Signing and revising of Clearing Ag reement75

3.4.2 central government supports Hong Kong to be Renminbi offshore financial center76

3.4.3 Finance service and market innovation77

3.4.4 Existing problems and prospect forecast81

Special column 3-1 Hong Kong and Shanghai：competition and cooperation83

Special column 3-2 Deviation between CNH and CNY86

3.5 Foreign exchange trade with smal l currency is developing88

3.5.1 Small currencies traded over the counter are increasing88

3.5.2 Start experimental units of small cu rrency interbank regional market90

3.5.3 Analysis of the influences90

Chapter4 Annual Hot Issues on the Internationalization of Renminbi93

4.1 Does the international ization of RMB require the continuous expected appreciation of RMB？93

4.1.1 The pressu re of RMB appreciation is the result of superposition from many factors94

4.1.2 RMB continuous appreciation may endanger its internationalization process95

4.1.3 The value of RMB should be maintained within the equilibrium level in the long term96

4.2 Does it necessary to open a publ ic capital account as the prerequisite of RMB internationalization？98

4.2.1 The liberalization of capital account is a gradual process98

4.2.2 RMB internationalization and capital account liberalization are complimenting100

4.2.3 The liberalization process of capital account103

4.3 What is the need of building Hong Kong offshore RMB market？106

4.3.1 Hong Kong’s offshore RMB market background106

4.3.2 Attempt in having a way out from“USD Trap”108

4.3.3 RMB offshore market’s risk110

4.3.4 Crisis or opportunity113

Chapter5 Historical Opportunities of the Internationalization of Renminbi115

5.1 The continuous growth of China’s total economy and foreign trade scale115

5.1.1 The strength of economy is the premise of its currency’s internalization process115

5.1.2 The internationalization of currency is the objective need of international trade116

5.2 Most developed countries in the western world have fallen into economic recession118

5.2.1 America has enforced two rounds of quantitative easing but gets little effect118

Special column 5-1 USA：From subprime crisis to economic crisis121

5.2.2 European sovereign debt crisis intensified124

Special column 5-2 How the debt crisis spread to the entire Euro Zone126

5.2.3 The expose of drawbacks of the economic model in Europe and the United States127

5.3 The promotion of the emerging countries’economies has pushed the reform of international monetary system128

5.3.1 BRICs have become an important force in the world economy129

5.3.2 BRICs have gained more power in the international monetary financial system132

5.4 The large scale of foreign exchange reserve has built the credit foundation of internationalization of Renminbi134

Special column 5-3 Controversial ways of using foreign exchange reserves136

5.5 The inclusiveness spirit in the Chinese culture137

Special column 5-4 Jungle principle of western countries and the Confucian principle of China138

Special column 5-5 Cultural reflection on Japan’s history143

Chapter6 Challenges of the Internationalization of Renminbi145

6.1 Imbalances in the model of economic development and economic structure146

6.1.1 China is a country with large trading scale rather than a powerful trade nation147

6.1.2 Economic structu re imbalance148

6.1.3 Weak technical innovation149

6.2 Vulnerability of the domestic financial system151

6.2.1 The financial model has a strong dependence on the government152

6.2.2 The financial system is at the low level of marketization155

6.2.3 Excessive monetization of economy157

6.2.4 Monetary policy lacks independence158

6.2.5 Pressu re of being replaced by the offshore Renminbi market160

6.3 Severe external economic environment162

6.3.1 The“inertia”in the international monetary system162

6.3.2 Speculative risk of the outflow of Renminbi165

Chapter7 Conclusions and Suggestions168

7.1 Major Conclusions168

7.2 Long-term strategies of the international ization of Renminbi170

7.3 Short-term strategies of the international ization of Renminbi171

Appendix 1 A Summary of Views：An Interpretation of Internationalization of the RMB175

Appendix 2 Review of the Internationalization of World’s Major Currencies207

Appendix 3 RMB Cross-border Business Innovation of the Bank of Communications225

Appendix 4 RMB Internationalization Chronicle236

References250