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Internationalization of the renminbi
Since the late-2000s, the People's Republic of China (PRC) has sought to internationalize its official currency, the Renminbi (RMB). In 2004, Hong Kong resident could purchased yuan without required underlying up to 20,000 per day. The RMB Internationalization accelerated in 2009 when China established dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity.〔〔 In 2013, the RMB was the 8th most traded currency in the world〔(【引用サイトリンク】url=http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2013/PR_RMB_september.xml )〕 and the 7th most traded in early 2014. By the end of 2014, RMB has ranked 5th as the most traded currency, according to SWIFT's report, at 2.2% of SWIFT payment behind JPY (2.7%), GBP (7.9%), EUR (28.3%) and USD (44.6%). Currently (February 2015) RMB is the second most used currency in trade financing, and reach the ninth position in forex trading. The Renminbi Qualified Foreign Institutional Investor (RQFII) quotas were also extended to other five countries - the UK (extended 15 October 2013), Singapore (22 October 2013), France (20 June 2014), Korea (18 July 2014), Germany (18 July 2014), and Canada (8 November 2014), each with the quotas of ¥80bn except Canada and Singapore (¥50bn). Previously, only Hong Kong was allowed, with a ¥270bn quota. The launch of Shanghai-Hong Kong Stock Connect (SSE and HKEx) in November 2014, embarked China into the next stage of internationalization. In January 2015 Chinese Premier, Li Keqiang, announced a planned second Stock Connect linking Shenzhen and Hong Kong exchanges. The China's RMB internationalization and foreign exchange (FX) reforms are evolving rapidly and full convertibility is expected over the next couple of years.
== History ==
The PBoC, under instructions from the Chinese government, has sped up the move to full convertibility of CNY since 2008. This has taken the form of permitting the use of RMB outside China for all current account transactions such as commercial trade, payment of services, interest payment, dividend payment, etc. and the use of RMB for certain approved capital account transactions such as foreign direct investment (FDI), outward direct investment (ODI), Central banks and offshore Participating banks can invest excess RMB in mainland interbank bond market through China Interbank Bond Market (CIBM quota), investment into mainland China (through RQFII quota), offshore investment from mainland (through QDII quota), including the onshore individual investment to offshore through Qualified Domestic Individual Investors program (so-called QDII2).〔
According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the path of RMB internationalisation can be divided into three phases—first as usage for trade finance, then for investment, and in the longer term, as reserve currency.〔(【引用サイトリンク】url=http://www.swift.com/assets/swift_com/documents/products_services/SWIFT_White_paper_RMB_internationalisation_EN.pdf )〕
Before 2004, yuan was not allowed outside of China. In 2004, China started to allow border trading in yuan especially in the Southern and Western border.〔"RMB Settlement", Kasikorn Research Center, Bangkok, 8 February 2011〕 HKMA first raised with the PBoC the idea of introducing personal renminbi business in Hong Kong as early as November 2001, to facilitate economic and social exchanges between Hong Kong and the Mainland and to channel renminbi cashnotes in Hong Kong back to the Mainland orderly through the banking system. In November 2003, the State Council approved the introduction of personal renminbi business in Hong Kong, which followed by the appointment of the Clearing Bank, establishment of payment system linkages and arrangements for cross-border renminbi cashnote delivery. Banks in Hong Kong started to offer renminbi deposit-taking, currency exchange, remittance and debit and credit card services to personal accounts on 25 February 2004. , 1.47% of world payments was settled in RMB, which ranked RMB as the 7th most traded currency in the world. The average monthly RMB trade settlement rose from CN¥320 billion in 2013 to ¥480bn in 2014.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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