Topics: 2024 India and Global Economic Forum

The "2024 India and Global Economic Forum" was held on July 20, with the theme of "Indian Power and Global Economic Chapter: Development and Prospects".The managing director and chief Indian economist of the Hong Kong Exchange, Chief Economist at the Indian Banking Association, and Pan Basong, Executive Dean of the HSBC Financial Research Institute of Peking University attended and gave a speech.

Talking about the internationalization process of the RMB, Basong pointed out that observing recent economic data can find that the growth of RMB settlement is very rapid in the field of trade settlement, but in terms of the use of investment and reserve currency,In this way, this forms contrast.Simla Stock

In addition, in financial transactions, in terms of loans and debt, the trend of using RMB has risen significantly, and the use of assets is actually declined."In the next step, it seems that it is limited to promote the internationalization of RMB by only the way to promote the internationalization of RMB. The path and method of the RMB internationalization alone by the liability side are also very limited." Basong said.

Basong pointed out that compared with the international environment of RMB in the past, the current way of international politics and geopolitics and globalization has changed significantly, which will have a profound impact on the internationalization of the RMB in the next step.

Due to geopolitical influence, it is currently promoting a new stage of globalization in a fragmented and regional cooperationKolkata Investment. It has a significant impact on the internationalization of the RMB and the use of RMB."Some economies cannot obtain the channels for payment and investment in other international currencies for various reasons.For example, it can be seen through relevant indicators that the RMB has actually become the currency anchor function of some Central Asian and Southeast Asian countries."After so many years of international development, because India and these regions have close trade and investment, the renminbi has actually become one of the important currency anchors in these regions. This is an important condition for the next step to promote the internationalization of the RMB."Essence

Basong also emphasized that it is not enough to rely on trade pricing and settlement to promote the internationalization of the RMB. If there are no subsequent investments available to absorb the settlement of RMB products, markets, trading custody, etc.Once used, it will soon turn into other international currencies after getting it.

Basong suggested that it should focus on improving the transaction settlement tools of supporting RMB, and focus on promoting some products that can be invested in RMB. This is the next step to promote the internationalization point and key point of the RMB internationalization."For example, Southeast Asia and the Middle East must attract the RMB of these places to Hong Kong to invest in some financial products, so that the internationalization of the RMB no longer simply rely on trade settlement, but becomes an investment or reserves."

Basong believes that offshore RMB has formed a diversified investment ecosystem in the Hong Kong market and interacting with the shore market, which may become a very important way for the next RMB internationalization.

Sina Statement: All conferences are compiled on -site. Without the speaker's review, Sina.com has published this article out of the purpose of passing more information, which does not mean agreeing with its views or confirming its description.