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Both domestic and overseas market entities have adopted an optimistic attitude on the internationalization of the RMB, with nearly 70 percent of overseas enterprises planning to use the RMB or increase usage of the RMB, according to a bank report.
Released by the Bank of China on Dec. 19, the report interviewed 3,477 domestic and foreign enterprises, spread across 41 countries and regions. The report comes two months after the IMF added the RMB to its Special Drawing Rights Basket (SDR), giving the RMB the same privileges as other international currencies, including the U.S. dollar and British pound. The move recognizes and reinforces China’s continuing progress in reforms.
According to the report, RMB products now cover broader areas along the Belt and Road region, offering 74 percent of respondents in the region easy, local access to the RMB. This number is up 2 percent from last year. At the same time, RMB internationalization has been developed in fields related to free trade zones due to favorable policies.
Though RMB internationalization fluctuates in the short term as the market environment changes, the fundamentals improve continuously, indicating upbeat long-term prospects. Both domestic and overseas enterprises remain optimistic about the international currency status of the RMB, with 30 percent of respondents holding the view that the RMB may achieve the same high status as the Japanese yen and British pound. Forty-two percent have faith in the RMB becoming an international currency on level with the U.S. dollar and euro.
Despite the fact that foreign enterprises express faith in the RMB, about 77 percent of overseas respondents said they would convert their RMB revenue into U.S. dollars or local currencies. The percentage of overseas respondents that would continue to hold the RMB in the form of deposits, invest in RMB bonds and invest in RMB equity amounted only to 13 percent, 3 percent and 3 percent respectively.
(PEOPLE'S DAILY ONLINE)
