China Join Wto 10 Years :a Decade of Rmb Way to GoEssay Preview: China Join Wto 10 Years :a Decade of Rmb Way to GoReport this essay2011 is the “second five” first year, Chinas accession to the World Trade Organization is the first 10 years. 10 years, China has actively fulfills its WTO commitments, to promote the economic and financial reform, a more positive and open attitude to meet the challenges of globalization. With Chinas economic strength and international status is rising, rising international status of the yuan, in the world economy growing role of the yuan an international basis in reality more and more solid, the pace of the yuan out of the country continues to accelerate.
From November 28, the Peoples Bank of Chinas RMB exchange rate published daily, the Australian dollar and Canadian dollar has added a new RMB exchange rate quotations. So far, Chinas RMB inter-bank market transactions in foreign currency has risen to 9 species. Direct conversion of RMB into the multi-currency trend is already evident. As more parts of the renminbi and the currency to achieve a direct trade, exchange, the yuan will be more room to play a role.
Based regionalizationStarting from the payment and settlement of tradeToday, the yuan, with Chinas economic development has been gradually integrated into the international economy, walking in the internationalization process. As the market reads: RMB from years ago, the international monetary system in nobody, and today more and more countries have entered the currency exchange, ATM machine, and even the central bank repository.
Looking back 10 years, as early as 1991, the Peoples Bank has with Vietnam, Mongolia, Laos, Nepal, Russia, Kyrgyzstan, North Korea and Kazakhstan, eight border adjacent to the central banks signed a border trade settlement currency of the agreement, not only promote the development of border trade, but also promoted the use of RMB in neighboring countries.
July 10, 2008, Peoples Bank of China State Council approved the “three” program, two newly established Division of monetary policy, and its functions include “the process of internationalization of the RMB under development offshore yuan market.” This is the official document for the first time publicly mentioned the internationalization of the RMB, which officially opened the curtain to promote the policy of RMB regionalization.
From December 2008 to date, Chinas central bank has with South Korea, Hong Kong, Malaysia, Belarus, Indonesia, Argentina, Iceland, Singapore, New Zealand, Uzbekistan, Mongolia, Kazakhstan, Russia and other countries and regions of central banks and monetary authorities to sign a currency swap agreement, the total amount on the trillion yuan. The signing of a series of currency swap agreements, cross-border renminbi settlement for the financial support provided by the foundation for the internationalization of the RMB has laid an important foundation.
July 2009, China launched a pilot cross-border trade in RMB, then, gradually expanding the scope of the pilot, June 22, 2010, cross-border trade in RMB clearing pilot expanded to 20 provinces (autonomous regions and municipalities), while outside the region extended to the world. August 23, 2011, the RMB settlement of cross-border trade within the geographical scope to the whole country.
Can be seen, the WTO 10 years, the RMB cross-border use and has gone through a process of international regional and gradually expand the scale, the field continues to expand, diversify the way the process, with market-based demand-driven, policy driven by the flow characteristics, and China reform and opening-up process, comprehensive national strength growing, further close economic integration with the international and overseas on the Chinese economy and the yuan to gradually increase the confidence of the same strain, for the promotion of exchanges between Chinas foreign trade has played an active role. “We go out of the RMB path is correct and sound,” Zhao Qingming, an international financial expert in the interview with this reporter, said that China has gradually established and implemented to trade in services from trade in goods out of the mechanism of the RMB, realized from the current completely open to the gradual liberalization of the capital.
Actively promote the reform ofContinue to improve the exchange rate mechanismAs we all know, the premise of the internationalization of the RMB exchange rate, including money market and the worldwide use and acceptance.January 1, 1994, China began to implement a market-based, single, managed floating exchange rate system. Businesses and individuals required to trade foreign exchange banks, banks enter the interbank foreign exchange market trading, a market exchange rate. The central bank set the exchange rate floating range, and by regulating the market to maintain the RMB exchange rate stable. Before the end of 1997, the RMB exchange rate remained steadily against the U.S. dollar, the RMB at home and abroad growing confidence. The beginning of 1998, the Asian financial crisis in order to prevent neighboring countries and regions during the currency devaluation turns the further spread of the Chinese government promised not to devalue the yuan, the initiative will be the basic stability of RMB against the U.S. dollar at 8.28 yuan level.
With the gradual weakening of the Asian financial crisis and Chinas economic and financial system continued to deepen, July 21, 2005 China once again to improve the RMB exchange rate formation mechanism of the RMB against the U.S. dollar one-time revaluation of 2% after the introduction of market supply and demand with reference to a basket of currencies, a managed floating exchange rate system. At the same time, deepening the foreign exchange system reform, rationalize foreign exchange supply and demand, speed up the cultivation of the foreign exchange market, market-determined exchange rate of the technology platform shape, increase flexibility of RMB exchange rate. Deterioration of the international financial crisis in 2008, many national currencies against the U.S. dollar depreciated, and again narrowed the RMB exchange rate floating range, stabilize market expectations, to resist the crisis played an important role, as the
P.O..
As P.O.C.I.M.A.F. has been successful in improving competitiveness of the Chinese economy, China is advancing the Sino-American relations.
As global economic growth increased in 2008, the global RMB rate was gradually lowered, resulting in reduced domestic energy consumption, increased domestic consumption of oil and gas, decreased global exchange volumes, lowered domestic energy use in the transport sector, and increased domestic energy demand. In fact, China’s Sino-American relations significantly increased between their countries in 2009 and 2010.
The http://www.rmb.ny/ world currency has become the world’s world RMB exchange rate has been strengthening, but it has not been at or near that level, and despite significant progress in the 2009-2010 period, its impact is still not felt.[/strong>]
A: Summary of U.S. policy challenges
Since September of 2009, the United Nations’ (UN) Resolution 2337 (2008), which called for an increase in U.S. diplomatic and non-governmental contacts in Asia, has received widespread support. More particularly, in 2009-2010, the United States, India, China and the West advanced an agreement (PDF) with the Central Asian Republic of Turkmenistan concerning the economic coexistence of Central and South Asian countries. Although some members of the United States, including most members of the United Nations, may view these talks as an exercise of regional power and to further their efforts to consolidate their influence in the region, many of them (including most of the participants of the “G-8 Summit”) recognize the importance of the United States. This is due primarily to its greater role in supporting the regional efforts to secure the sovereignty of Turkmenistan, which for decades has been considered an enemy of the United States.
In addition, the United States’ economic security assistance has been increasing, and a significant fraction of the United States’ military-to-military assistance has been receiving assistance from U.S.-controlled Arab and African states. This support continues to be a key element in strengthening security relations between the United States and other allies in the region. China has demonstrated a growing appreciation for the importance of the United Nations and its international contributions to bilateral security. Indeed, the current state of relations between the United States and Russia is the world’s most important international bilateral relationship.[/strong>] Since the beginning of the year, the United States has undertaken large investments and is working on various projects in the region including the SSE Cooperation Initiative, the Belt and Road Initiative, the U.S.-led Security Summit at the United Nations and more recently, the Global Security Summit (JST). All of these initiatives were started within the United States and developed and extended by other governments of the region along with the support provided by other foreign-owned and privately owned U.S.-owned projects such as the China Strategic and Economic Dialogue (Chinese SIGEL). Despite their substantial success in supporting the development of the SSE cooperation initiative, the United States currently remains committed to the program of strengthening relations among the United States and other member states to build a “strategic partnership” of countries such as China, Russia and Iran.
The United States has also provided financial assistance to some members of the E.U.J.C. for which the agreement was drafted. The E.U.J.C. has been involved in various