Monday, April 20, 2015

china yuan RRR imf cips

위안의 국제화는 일대일로, aiib를 통해 투자에 기반한 성장을 연장시키고, 국제금융시스템에 대한 중국의 영향력을 강화하는 수단이다.
국제결제시스템 출범을 앞두고 있고, imf의 sdr에 위안을 포함시키는 것을 중요한 과제로 보는 중국 입장에서 경제둔화, 수출감소에도 불구하고 위안의 약세나 높은 변동성은 용인되기 어렵다.
과거 중국은 외자유입에 의한 통화량증가를 억제하기 위한 수단으로 지준율을 높게 유지했기 때문에, 외자유출 등으로 유동성의 공급이 필요한 경우 지준율 인하를 통해 천문학적인 유동성을 공급할 수 있을 것이다.

금요일 오후 발생한 상해선물의 6%대 급락과 관련된 연쇄적인 하락을 지준율 인하를 통해 월요일 시장이 시작되기 전에 마치 아무일도 없던 것처럼 막아냈다. 아직까지 중국금융당국은 환율시장, 주식시장에 대한 통제를 성공적으로 유지하고 있는 것으로 보인다.

amazing china.
"With reduced inflows from abroad, the central bank no longer needs to intervene so heavily in the currency market. But it does need to come up with new ways of creating liquidity for the financial system. The most obvious is to normalise monetary policy by cutting RRR. Even with Sunday’s reduction, the ratio for the biggest banks sits at 18.5%—amounting to more than 20 trillion yuan worth of cash. Mr Li’s toolbox is far from empty."
"Beijing will accelerate reforms to the country's currency as part of a push for the yuan's inclusion in the International Monetary Fund's currency basket, China's central bank governor Zhou Xiaochuan said on Saturday."

"Britain favors the eventual inclusion of the Chinese yuan in the International Monetary Fund's SDR basket of currencies, finance minister George Osborne said on Friday, saying it was important to include emerging powers in the world system."

China clings to strong yuan despite export slowdown
"The SDR, an international reserve asset, currently comprises dollars, yen, pounds and euros. The basket is up for review in May, and Chinese Premier Li Keqiang was reported by state news agency Xinhua as saying last month that he had asked the IMF to include the yuan in the SDR."
"... 74 percent of those surveyed cited a delay in the start of the China International Payments System, or CIPS, as the major obstacle to their use of cross-border yuan transactions."
"CIPS, which would be a worldwide payments superhighway for the yuan CHN=CNY=CFXS, will replace a patchwork of existing networks that make processing renminbi payments a more cumbersome process."

"The absence of China's yuan from the CLS system used to settle deals in major currencies is a growing problem for banks and will hamper efforts to trade the currency more if it is not resolved, a senior China-focused banker said on Thursday."




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