The Symposium of External Experts on Renminbi Internalization Report 2016 was held
2016-04-19 IMI
Conference Site
Tu Yonghong hosted the symposium and introduced the compiling of Renminbi Internationalization Report 2016. She first explained the theme, idea, framework and compiling process of the Report as well as main conclusions and difficulties they are facing. With the theme of “Macro Financial Risk Management After the Yuan’s Inclusion in the SDR”, the Report analyzes China’s financial opportunities and challenges in the new era from several areas such as the relationship between yuan’ inclusion in the SDR and Capital Account Openness, the change of the forming mechanism of interest rate, the interaction between the foreign exchange market and the capital market, the financial institution’s systemic risk and related prevention, and the influence of supply-side reform.
Tu Yonghong is hosting the symposium
Experts and scholars at the symposium expressed their opinions on the Report’s content arrangement, logic, theme, conclusion and so on. Qu Fengjie held that the Report deeply analyzed the international economy and finance with compelling logic, but some details should be handled and assessed. Wang Min held that the content of the Report was rich and details were given, and then he provided suggestions on how to arrange the Report’s chapters and how to further complement its content. Guo Song gave his revision opinions about the figures and charts in the Report and suggested that profound influence of Renminbi’s inclusion in SDR should be added. Yuan Xiaoming held that the Report is targeted, timely, and relevant. He also proposed that some research findings be quoted and the Report’s content framework be adjusted. Chen Weidong put forward that substantive changes of the inclusion could be added and the economic influence incurred could be analyzed, and he gave his views about the specific points of the Report. Zhao Wei regarded that on the basis of last two years’ research, the Report emphasized the relationship between Renminbi’s internationalization and trade and reserve currency. Li Yingjie held that the Report was comprehensive and reflected China’s macro-economic situation, and was highly relevant. He also suggested that conclusions should be integrated; during the Renminbi internationalization, attention should be given to the independence of monetary policy and the compliance of commercial banks, and credit and operational risks in currency cooperation with other countries; financial infrastructure of Renminbi internationalization should be improved to make Renminbi a financial trading currency.
Experts are offering suggestions
At the final stage of the symposium, Chen Yulu made closing remarks. First, he praised the completion of the first draft of the Report and suggested that the research should be carried on. He held that lots of pertinent points came out of every symposium, which plays an important role in bettering the Report; and every symposium emphasized the importance of the core logic of the Report. He proposed that when building the theoretical framework, researchers should analyze the logic between Renminbi internationalization and financial risks, and the tie between the internalization and financial stability under the framework of macro prudent governance through the research of the People’s Bank of China, and explore the tie between Renminbi internationalization and real economy. He praised the first draft and placed great hope on the following research.
Chen Yulu is making closing remarks
The Symposium ended in a big round of applause.