Wednesday, July 28, 2021

Fortifier of RMB as a global currency — China Daily

In a document on the future development of Pudong the central authorities issued on July 15, the Shanghai district is required to improve its financial market, financial products, financial agencies and financial infrastructure, and take full advantage of the central authorities' support, to develop offshore renminbi trading, cross-border trade settlement and overseas financing services.

Judging from the development process of more than 40 years of reform and opening-up, Pudong has not only become a domestic financial center, but also a new financial star in Asia. Now the main direction for Pudong's development is to continue to promote the renminbi's use as a settlement currency and its cross-border use through the opening of onshore international business and the innovation and cultivation of offshore business. It should also establish itself as a global asset management center to increase the renminbi's position as a reserve asset in the international financial market.

It is necessary to increase the renminbi's role as a reserve currency by improving its ability to serve offshore businesses, as well as its pricing status of global currencies and assets. The crux is to consolidate renminbi's status as an international currency. The business related to renminbi should be expanded to overseas markets to not only diversify but also increase the amount of the offshore businesses of renminbi. To make Pudong an international financial center, it has to improve the financial infrastructure facilities for the internationalization of the renminbi....
Fortifier of RMB as a global currency
China Daily

See also

New Shanghai Pudong cluster unveiled to draw international economic entities

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