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Long Road For Yuan's Internationalization
By Maggie Zhang |
April 3, 2010, Saturday
|
Print Edition
Print Edition
IT will take 15 to 20 years for the yuan to be fully internationalized, Dai Xianglong, president of the National Council for Social Security Fund, said in Shanghai yesterday.
The globalization of the yuan means the currency is fully convertible and is taken as a currency for settlement, trade, investment and reserves, he said at a forum held by the International Economic Club of China.
"The globalization of the currency doesn't mean the yuan will overtake the US dollar," said Dai. "The greenback will for long be a dominant currency but the yuan will rise due to China's growing economic strength in the global arena."
Other methods to accelerate the globalization of the yuan include the signing of more currency swaps and yuan-backed loans to overseas companies offshore.
China has already taken steps to drum up support for the yuan in overseas markets.
In September, China paid for the purchase of up to US$50 billion worth of International Monetary Fund bonds in yuan. The IMF will lend the yuan to member countries to increase the yuan's acceptance.
The People's Bank of China, the central bank, has signed six currency swap deals valued at 650 billion yuan (US$95 billion) with Hong Kong, Indonesia, South Korea, Malaysia, Belarus and Argentina.
Dai also said China should encourage overseas firms to shore up liquidity in the domestic stock market.
The globalization of the yuan means the currency is fully convertible and is taken as a currency for settlement, trade, investment and reserves, he said at a forum held by the International Economic Club of China.
"The globalization of the currency doesn't mean the yuan will overtake the US dollar," said Dai. "The greenback will for long be a dominant currency but the yuan will rise due to China's growing economic strength in the global arena."
Other methods to accelerate the globalization of the yuan include the signing of more currency swaps and yuan-backed loans to overseas companies offshore.
China has already taken steps to drum up support for the yuan in overseas markets.
In September, China paid for the purchase of up to US$50 billion worth of International Monetary Fund bonds in yuan. The IMF will lend the yuan to member countries to increase the yuan's acceptance.
The People's Bank of China, the central bank, has signed six currency swap deals valued at 650 billion yuan (US$95 billion) with Hong Kong, Indonesia, South Korea, Malaysia, Belarus and Argentina.
Dai also said China should encourage overseas firms to shore up liquidity in the domestic stock market.
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