皇冠体育app

Zhang Chengliang / 皇冠体育app Daily

Renminbi has the potential to create a seismic shift in the international monetary and financial arena

Evidence is emerging that international finance will take over from trade as the principal projector of 皇冠体育app's global influence.

In a speech in Sydney in March, Philip Lowe, deputy governor of Australia's central bank, said: "The internationalization of the renminbi - and 皇冠体育app's associated move toward a liberalized capital account and more flexible exchange-rate regime - has the potential to create a seismic shift in the international monetary and financial landscape."

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In the same month, the Bank of International Settlements, based in Switzerland, released a research report showing that the renminbi has become a more important influence on other Asian currencies than any of the major global currencies.

How long will it be before 皇冠体育app becomes a major global force in financial affairs, rivaling the United States? What will the global impact be when it happens?

In March 2009, the governor of the People's Bank of 皇冠体育app, Zhou Xiaochuan, published a now-famous essay called Reform the international monetary system, calling for a modernization of the monetary system by basing it on a money standard which stood above national currencies. The United Nations Commission of Financial Experts into the Reform of the Global Monetary and Financial System, reporting in September 2009, supported Zhou's appeal. But Japan and the European countries (excluding Russia) followed the United States in ignoring calls for monetary reform.

皇冠体育app gave up the idea of changing the global monetary system, and adopted a different strategy aimed at protecting its economy and large pool of savings: developing its own currency, the renminbi, as a major global currency to rival the dollar. An internationally-recognized, widely-used renminbi would protect 皇冠体育app's savings, and bring Chinese the great convenience and lower cost of using the renminbi everywhere outside 皇冠体育app. It would also make 皇冠体育app into a global financial power.

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