Two-Way RMB Fluctuation to Become the Norm

正In the first half of the year,the renminbi exchange rate showed a depreciation tendency,which is a rare occurrence.At one point,it depreciated as much as 3.5 percent against the U.S.dollar.yet,entering the second half,as the economy regains momentum,foreign trade surplus continues to climb and the margin of interest rates becomes increasingly attractive to international investors,this trend has come to an end.     

MARKET WATCH

正OPINION How to Tackle Local Government Debt? Fundamentally,debt is an overdraft of credit,and almost all countries are confronted with some form of debt risks.Currently,China tries to curb the rising debt risks through deleverage,which has gone on to cause the additional problems of a surge in financing costs and a structural squeeze in social liquidity.A solution should be found to treat both symptoms and their root causes.     

MARKET WATCH

正OPINION devaluation Is Temporary The exchange rate of the yuan against the U.S.dollar has been depreciating since January.This is the biggest depreciation since China’s exchange rate reform in 2005.What are the reasons for this round of yuan devaluation?How long can it continue?And how will the yuan exchange rate fluctuate in the future?To answer these questions,one must conduct a comprehensive analysis on the     

Greater Use of RMB in Global Payments Imminent

正ON April 28,2014,the Society for Worldwide Interbank Financial Telecommunication(SWIFT)released its latest ranking of currencies used in global payments,China’s Renminbi(RMB)ranked seventh,its activity share in payments value standing at 1.62 percent.     

Those in Glass Houses Should Not Throw Stones

正It has been reported by Western media that an official from the U.S.Department of the Treasury said that the recent depreciation of the Chinese yuan could raise"serious concerns"if it signaled a policy shift away from allowing market-determined exchange rates.Such concerns are somewhat obscure.We can see that he does not regard the yuan exchange rate fairly based on the rules governing market economies.     

Economy

正RMB 2nd-most Used Trade-Finance Currency Latest statistics from global transaction services organization SWIFT(the Society for Worldwide Interbank Financial Telecommunications)show that in October 2013,China’s Renminbi(RMB)overtook the euro to become the second-most used currency in world trade finance.According to SWIFT,the RMB usage rate in trade     

国际货币制度重构的法律思考——从国际法角度分析

国际货币制度进入后布雷顿森林体系之后,金融危机频繁爆发,其制度性根源在于当今的国际货币制度存在缺陷。现行的牙买加体系并没有改变美元本位的状态,"特里芬难题"依然存在。通过缔结区域性货币合作条约、建立特别国际货币法院、建立政府间独立的国家主权信用评级机构对美元进行全方位的约束,是当下改革国际货币制度比较可行的方案。     

How to Liberalize the RMB Exchange Rate

正Sharp depreciation of the renminbi against the U.S.dollar will soon end.An official of the U.S. Department of the Treasury said the recent depreciation of the Chinese currency could raise "serious concerns"if it signaled a policy shift away from allowing market-determined exchange rates.A meeting was held between G20 finance ministers and central bank governors on April 10 in Washington, and the International     

LETTERS

正It is an appropriate choice to create the BRICS New Development Bank,because it signifi es reorganization of the international economic and monetary system,which obviates over-dependence on the U.S.dollar.The new bank will consolidate the fi nancial independence of several states and stimulate the economic revival of many developing countries,especially in Africa.The BRICS nations command great force.I advise them to cooperate with the Community of Latin American and Caribbean States     

The Limits of RMB Internationalization

正RMB internationalization is one of the most important issues for China’s economy.Owing to the real factors affecting it,however,its development will be slower than media speculation can envisage.There is an exaggerated perception of RMB internationalization when considered according to percentage growth statistics,because calculations of them start from extremely low levels.For example,the proportion of RMB payments in the U.S.in April 2014 rose 100percent compared to a year earlier.This sounds spectacular,until taking into account that the rise constituted