1、人民幣國際化報告2019年THE PEOPLES BANK OF CHINA2019 RMB INTERNATIONALIZATION REPORT目錄第一部分人民幣國際化十年發展一、政策演進及發展成果二、基礎設施建設成果三、央行合作成果第二部分2018年人民幣國際使用一、跨境使用總體情況二、經常項目收付三、資本項目收付四、境內人民幣外匯交易五、人民幣計價大宗商品六、人民幣國際儲備貨幣七、人民幣跨境現鈔調運八、人民幣跨境支付系統建設 九、人民幣利率和匯率變動十、央行合作 第三部分政策及相關改革進展一、優化跨境人民幣業務政策 二、推動資本市場雙向開放三、完善宏觀審慎管理四、完善人民幣匯率形成機制

2、 第四部分離岸人民幣市場發展一、離岸人民幣利率和匯率變動1134559111819212122232526262627282929目錄1二、離岸人民幣存貸款三、離岸人民幣證券融資四、全球人民幣外匯交易五、離岸人民幣清算第五部分全球主要經濟體相關經濟金融形勢一、美國二、歐元區三、日本四、英國五、新興市場第六部分趨勢展望一、人民幣支付貨幣功能將繼續增強二、人民幣投融資貨幣功能將不斷深化三、人民幣儲備貨幣功能將繼續實現四、人民幣計價貨幣功能將有更多發展五、繼續推動雙邊貨幣合作第七部分人民幣國際化大事記后記專欄專欄一周邊國家人民幣使用發展專欄二跨國企業更多選擇人民幣進行跨境收付313233333737

3、373838384040404041414867811目錄2141617202228323439416679101213131415172123目錄3專欄三“熊貓債”受到市場歡迎專欄四中國債券納入全球重要指數專欄五境外主體持有境內人民幣資產情況專欄六INE原油期貨交易發展情況專欄七海外人民幣現鈔兌換情況調查專欄八完善自律機制取得階段性成果專欄九在香港發行人民幣央行票據專欄十香港以外其他主要離岸市場發展情況專欄十一更多國家出臺人民幣結算政策專欄十二年度人民幣國際使用市場調查圖圖2-120172018年人民幣跨境收付月度圖圖2-220102018年人民幣占本外幣跨境收付比例圖2-32018年人民幣

4、跨境收付金額國別和地區分布情況圖2-420172018年經常項目人民幣跨境收付圖2-520172018年經常項目人民幣占本外幣跨境收付比例圖2-620172018年資本項目人民幣跨境收付圖2-720172018年直接投資人民幣跨境收付月度情況圖2-820172018年跨境人民幣資金池業務收付月度情況圖2-92018年“熊貓債”發行機構分布圖2-102018年“熊貓債”投資機構結構圖2-112018年末RQFII額度分布圖2-1220162018年人民幣在COFER中的規模和占比圖2-132018年上海銀行間同業拆放利率走勢（1）4目錄圖2-142018年上海銀行間同業拆放利率走勢（2）圖2-1

5、52018年境內人民幣匯率走勢圖4-12018年香港離岸人民幣拆借利率走勢（1）圖4-22018年香港離岸人民幣拆借利率走勢（2）圖4-32018年香港離岸人民幣對美元匯率走勢圖4-420172018年香港地區人民幣存貸款情況圖4-520152018年倫敦離岸人民幣日均外匯交易圖6-1境內外企業對人民幣國際地位的預期圖6-2境外金融機構對人民幣國際地位的預期圖6-3境外金融機構可提供人民幣產品和服務的種類圖6-4境內企業的境外交易對手對人民幣接受情況圖6-5面臨匯率波動時境內企業堅持人民幣計價的比例圖6-6考慮將人民幣作為融資貨幣的境外企業和金融機構占比圖6-7境外企業獲得人民幣收入后的交易行

6、為圖6-8境外金融機構計劃增持各類人民幣金融資產的占比圖6-9境外金融機構對人民幣債券類型的投資偏好圖6-10境外金融機構對人民幣債券期限的投資偏好表表2-12018年分地區人民幣跨境收付情況表2-2非居民持有境內人民幣金融資產情況表2-32018年銀行間外匯即期市場人民幣對各幣種交易量232429303132344242434344444546464771819CONTENTS68717274767878838695969899101101104105105106107109KEY ABBREVIATIONSPART ONE Ten-year Development of RMB Inter

7、nationalizationI. Policy Evolution and Achievements in DevelopmentII. Achievements in Infrastructure Construction III. Achievements of Central Bank Cooperation PART TWO The International Use of the RMB in 2018I. General Situation of Cross-border Use of RMB II. Current Account III. Capital Account IV

8、. Domestic RMB Foreign Exchange TradingV. RMB-denominated CommoditiesVI.RMB as an International Reserve CurrencyVII. The Operation of Cross-border Transportation of RMB BanknotesVIII. RMB Cross-border Interbank Payment System IX. RMB Interest Rate and Exchange RateX. Central Banks CooperationPART TH

9、REE Policies and Relevant ReformsI. Optimization of Policies on Cross-border RMB BusinessII. Promotion of the Two-way Opening up of Capital MarketIII. Improvement of Macro-prudential ManagementIV. Improvement of the RMB Exchange Rate Formation Regime5CONTENTS11011011311411511612112112212212212312512

10、5126126126126134164PART FOUR Development of the Offshore RMB MarketI. Offshore RMB Interest Rate and Exchange Rate II. Offshore RMB Deposits and LoansIII. Offshore RMB Security FinancingIV. Global RMB Foreign Exchange TradingV. Offshore RMB Clearing PART FIVE Economic and Financial Status of Major E

11、conomies in the WorldI. United States II. Euro ZoneIII. Japan IV. United KingdomV. Emerging MarketsPART SIX OutlookI. RMBs Function as a Payment Currency Would be StrengthenedII. RMBs Function as an Investment and Financing Currency Would be DeepenedIII. RMBs Function as a Reserve Currency Would be

12、RealizedIV. RMBs Function as a Pricing Currency Would See More Development V. The Bilateral Monetary Cooperation Would be PromotedPART SEVEN Highlights of RMB InternationalizationAfterwordCONTENTS6818589929497100108115117123127797981837CONTENTSBoxsBox 1 The Use of RMB in Neighboring Countries Box 2

13、Multinational Enterprises Prefer RMB in Cross-border Receipt and PaymentBox 3 Panda Bond was Welcome by the MarketBox 4 Chinese Bond were Included in Important International IndexesBox 5 Domestic RMB Financial Assets Held by Foreign EntitiesBox 6 Developments of INE Crude Oil Futures TradingBox 7 Su

14、rvey on Offshore RMB Banknotes ExchangeBox 8 The Interim Achievement in the Foreign Exchange Self-disciplinary Mechanism Box 9 Issuance of RMB-denominated Central-bank Bills in Hong KongBox 10 Development of Major Offshore RMB Markets Other than Hong KongBox 11 More Countries Promulgated Policies fo

15、r Settlement in RMBBox 12 Annual Market Survey on RMB International UsageFiguresFigure 2-1 Monthly RMB Settlement during 2017-2018Figure 2-2 Proportion of RMB in Total Cross-border Receipts and Payments during 2010-2018Figure 2-3 Distribution of RMB Cross-border Receipts and Payments by Country and

16、Region in 2018Figure 2-4 Monthly RMB Settlements under the Current Account during 2017-201884878888899093991021021031111111121141178CONTENTSFigure 2-5 The Share of RMB Settlement in Total Cross-border Settlement under Current Account during 2017-2018Figure 2-6 Cross-border RMB Settlement under the C

17、apital Account during 2017-2018Figure 2-7 Monthly Cross-border RMB Settlement of Direct Investment during 2017-2018Figure 2-8 Monthly Settlement of Cross-border RMB Cash Pooling Business during 2017-2018Figure 2-9 The Distribution of Panda Bond Issuers in 2018Figure 2-10 The Structure of Investment

18、Institutions of Panda Bond in 2018Figure 2-11 Allocation of RQFII Quotas, End-2018Figure 2-12 The Scale and Ratio of RMB in COFER during 2016-2018Figure 2-13 Tendency of Shanghai Interbank Offered Ratein 2018 (1)Figure 2-14 Tendency of Shanghai Interbank Offered Rate in 2018 (2)Figure 2-15 Tendency

19、of Domestic RMB Exchange Rate against USD in 2018Figure 4-1 Movement of Hong Kongs Offshore RMB Lending Rate in 2018(1)Figure 4-2 Movement of Hong Kongs Offshore RMB Lending Rate in 2018(2)Figure 4-3 Movement of Hong Kong Offshore RMB Exchange Rate against USD in 2018Figure 4-4 Hong Kongs RMB Deposi

20、ts and Loans during 2017-2018Figure 4-5 Average Daily RMB Foreign Exchange Trading Volume in London during 2015-20181271281291291301301321321331338094969CONTENTSFigure 6-1 Anticipation of Domestic and Foreign Enterprises on the International Role of RMBFigure 6-2 Anticipation of Foreign Financial In

21、stitutions on the International Role of RMBFigure 6-3 RMB Products and Services Provided by Foreign Financial InstitutionsFigure 6-4 Acceptance of RMB by Foreign Trade Counterparties of Domestic EnterprisesFigure 6-5 Proportion of Domestic Enterprises Sticking to RMB Pricing in the Situation of FX V

22、olatilityFigure 6-6 Proportion of Foreign Enterprises and Financial Institutions Considering RMB as a Financing CurrencyFigure 6-7 Trading Behaviors of Foreign Enterprises When Receiving RMBFigure 6-8 Proportion of Foreign Financial Institutions Planning to Increase RMB Financial AssetsFigure 6-9 Th

23、e Foreign Financial Institutions Investment Preference as to the Type of RMB BondFigure 6-10 The Foreign Financial Institutions Investment Preference as to the Maturity of RMB BondTablesTable 2-1 Cross-border RMB Settlement by Provinces in 2018Table 2-2 Domestic RMB Financial Assets Held by Non-resi

24、dents Table 2-3 The Trading Volume of RMB against Currencies in the Interbank Foreign Exchange Spot Market in 2018 第一部分人民幣國際化十年發展 1改革開放四十年來，中國經濟實力顯著提升，開放型經濟新體制逐步健全，中國在全球經濟中扮演著日益重要的角色。隨著中國對外開放程度不斷提高，中國經濟全面融入世界經濟體系，人民幣逐漸走出國門。2008年以來，人民銀行與市場機構一道，按照尊重市場需求、服務實體經濟、確保風險可控的原則，有序推動人民幣國際使用。十年來，跨境人民幣業務政策框架基本建立

25、，基礎設施逐步完善，人民幣國際使用穩步發展。特別是黨的十八大以來，人民幣加入SDR，國際貨幣地位初步奠定，資本項目可兌換有序推進，金融市場開放成效顯著。目前，人民幣已連續八年為中國第二大國際收付貨幣，全球第五大支付貨幣、第三大貿易融資貨幣、第八大外匯交易貨幣、第六大儲備貨幣。全球已有60多個央行或貨幣當局將人民幣納入外匯儲備。超過32萬家企業和270多家銀行開展跨境人民幣業務，與中國發生跨境人民幣收付的國家和地區達242個。人民幣作為支付貨幣功能不斷增強，作為投融資和交易貨幣功能持續深化，作為計價貨幣功能有所突破，作為儲備貨幣功能逐漸顯現。一、政策演進及發展成果改革開放初期，人民幣通過人員往來

26、、邊境貿易、邊境旅游等途徑向中國毗鄰國家和港澳臺少量流出。2008年國際金融危機爆發，美元、歐元、日元等主要國際儲備貨幣匯率大幅波動，企業和個人對人民幣跨境使用的需求越來越高。人民幣國際化在市場呼聲中啟動。十年來，人民幣跨境使用的政策限制逐步解除，人民幣國際使用經歷了從經常到資本、從銀行企業到個人、從簡單到復雜業務逐步發展的過程，作為國際貨幣功能也從單一的支付結算向投融資、交易計價、儲備拓展。（一）從貿易結算試點拓展到經常項目階段2008年國際金融危機后，為降低匯兌成本、獲得穩定的貿易融資，國內進出口企業提出了在跨境貿易中使用人民幣進行結算的需求。2009年7月，上海和廣東省廣州、深圳、珠海、

27、東莞等城市啟動跨境貿易人民幣結算試點，境外地域范圍第一部分人民幣國際化十年發展2019年人民幣國際化報告2為我國港澳地區和東盟國家。2010年6月，人民銀行等六部委聯合將試點地區擴大到北京、天津等20個?。ㄗ灾螀^、直轄市），不再限制境外地域范圍，試點業務范圍涵蓋跨境貨物貿易、服務貿易和其他經常項目結算。2011年8月，跨境人民幣結算試點擴大至全國，業務范圍涵蓋貨物貿易、服務貿易和其他經常項目結算。2009年以來，經常項目下人民幣跨境收付快速增長，從初期年度結算金額不到4 000億元，至2015年達到7萬億元，隨后進入平穩增長通道。（二）從經常項目拓展至資本項目階段 隨著跨境貿易人民幣結算試點的

28、深入開展，境內外機構使用人民幣進行直接投資的需求日益增長。2010年10月，人民銀行在新疆試點開展境內企業人民幣對外直接投資業務。2011年1月，人民銀行允許跨境貿易人民幣結算試點地區開展對外直接投資人民幣結算業務。8月，跨境貿易人民幣結算試點范圍擴大到全國，人民幣對外直接投資業務也擴大至全國范圍。10月，外商直接投資業務政策出臺。對外直接投資和外商直接投資人民幣跨境結算從無到有，在直接投資跨境收付中的份額不斷擴大，由2010年的不到5%逐年上升至2018年的超過50%。人民幣跨境貿易融資、境外項目人民幣貸款、境內企業境外放款、跨境人民幣資金池業務等政策也陸續推出并不斷完善。（三）不斷推動金融

29、市場雙向開放隨著境外主體人民幣的積累，使用人民幣進行投資和配置資產的需求日趨增長。與此同時，中國金融市場雙向開放進程不斷加快，銀行間債券市場投資、人民幣合格境外機構投資者（RQFII）、人民幣合格境內機構投資者（RQDII）、“滬深港通”、基金互認、“債券通”、黃金國際板等投資渠道陸續放開。境外發行人民幣債券的境內主體和境內發行人民幣債券（“熊貓債”）的境外主體類型越來越多元化。證券投資項下人民幣收付業務從無到有，從2011年的1 000億元增長至2018年的超過6萬億元，2018年增速超過83.6%。（四）人民幣加入SDR，國際貨幣地位初步奠定2016年10月，人民幣正式加入國際貨幣基金組織

30、（IMF）特別提款權貨幣籃子，權重為10.92%，在籃子貨幣中排名第三。2016年第四季度，IMF官方外匯儲備貨幣構成（COFER）中人民幣儲備規模為907.8億美元，這是IMF首次公布人民幣儲備信息。截至2018年第四季度末，COFER中人民幣儲備規模為2 027.9億美元，占比1.89%，在主要儲備貨幣中排名第6位。據不完全統計，已有60多個央行或貨幣當局將人民幣納入外匯儲備。第一部分人民幣國際化十年發展 3二、基礎設施建設成果（一） 人民幣跨境支付系統人民銀行從2012年開始組織建設人民幣跨境支付系統（CIPS），CIPS業務功能不斷完善，參與者數量不斷增加，業務量不斷攀升，清算結算效率

31、得到參與者的廣泛認可。2015年10月，CIPS（一期）投產，引入實時全額結算模式，支持客戶和金融機構匯款等支付業務，滿足了全球各主要時區跨境人民幣貿易、投融資業務的結算需要。2017年10月，“債券通”開通，CIPS可滿足其結算需要，以香港為節點連接中國內地與多個不同經濟體市場，支持國際通行的付款交割結算（DVP），涵蓋了現券買賣、發行承銷、債券回購等金融市場業務類型，滿足了國際投資者在不改變業務習慣下投資內地債券市場的需求。2018年5月，CIPS（二期）上線，引入了定時凈額結算機制，系統運行時間由原來的512小時延長至524小時4小時，全面覆蓋了全球各時區的金融市場，支持當日結算。CIP

32、S為銀行間貨幣市場加開夜盤，滿足了境內外直接參與者夜間流動性調劑需要。除付款交割結算（DVP），CIPS還開通了人民幣對外幣同步交收（PVP）、中央對手集中清算等資金結算模式。截至2018年末，CIPS共有31家直接參與者、818家間接參與者，參與者覆蓋全球六大洲89個國家和地區，業務實際覆蓋全球161個國家和地區，2 659家法人金融機構。截至2018年末，CIPS已累計處理人民幣跨境支付業務超過342萬筆、金額45.84萬億元。（二）人民幣跨境收付信息管理系統2009年7月，為支持跨境人民幣結算試點業務的有序開展，人民銀行上線了人民幣跨境收付信息管理系統（RCPMIS）。RCPMIS是目前

33、國內唯一的專門針對人民幣資金跨境流動監測的全國性信息管理系統。自上線以來，為適應新業務發展需要，RCPMIS系統性能不斷優化。經過多次升級改造，系統采集范圍涵蓋人民幣跨境收付相關業務信息、流量信息和存量信息。系統統計監測功能逐步完善，滿足了人民銀行對人民幣跨境收付的分析、監測、評估以及宏觀調控決策等方面需要。截至2018年末，全國已有424家法人銀行機構和港澳清算行接入RCPMIS，系統有效用戶69 249個，共計采集數據信息3 378萬余條。（三）跨境現鈔調運2009年以來，跨境人民幣現鈔業務規模不斷增長，銀行跨境調運人民幣2019年人民幣國際化報告4現鈔金額由2009年最初的109億元增長

34、到2018年的1 171億元，年均增長率達28.9%。2009年以前，跨境現鈔調運業務主要發生在我國香港、澳門地區及蒙古國、越南等毗鄰國家。從2010年起，香港清算行依托中銀香港代保管庫為海外提供人民幣現鈔或回流人民幣現鈔，人民幣現鈔供應回流渠道逐步延伸至全球范圍。銀行跨境調運人民幣現鈔業務形成了境外代保管庫調運、境外清算行調運和商業銀行代理行調運等三種模式。隨著境外人民幣清算機制安排和調運、提存環境不斷優化，海外人民幣現鈔二級市場不斷發展，境外獲取人民幣現鈔日益便利。三、央行合作成果 （一）雙邊本幣互換 2008年國際金融危機爆發，全球金融體系出現嚴重的流動性困難，一些貿易和投資伙伴國家希望

35、獲得流動性支持。經國務院批準，2008年以來，人民銀行先后與38個國家和地區的央行或貨幣當局簽署了雙邊本幣互換協議，總金額超過3.7萬億元。本幣互換安排對便利中國與有關國家和地區貿易投資、維護金融穩定、促進人民幣國際使用發揮了積極作用。截至2018年末，有效協議30份，總金額3.48萬億元。（二）人民幣清算機制安排經國務院批準，人民銀行先后于2003年和2004年允許香港和澳門的銀行為個人人民幣業務提供清算機制安排，授權中銀香港和中國銀行澳門分行分別擔任香港和澳門人民幣業務清算行。2009年，跨境貿易人民幣結算試點啟動，港澳人民幣清算行業務范圍隨之拓寬。為順應境外人民幣市場發展及擴大金融市場雙

36、向開放的需要，人民銀行先后與境外央行或貨幣當局簽署了合作備忘錄，在25個國家和地區建立人民幣清算機制安排并授權25家當地銀行擔任人民幣清算行，其中中資清算行24家、外資清算行1家。目前，境外人民幣清算行已覆蓋我國港澳臺地區、東南亞、歐洲、南北美洲、大洋洲、中東和非洲。第二部分2018年人民幣國際使用52018年，在國內外經濟金融形勢復雜多變、資本流出壓力較大、人民幣匯率前升后跌波動加劇的背景下，人民幣跨境收付保持了較快增長，跨境收付占本外幣跨境收付比例創歷史新高，收支總體平衡，呈小幅凈流入態勢。全年，人民幣國際使用呈現主要特點如下：一是經常項目收付金額同比回升，貨物貿易匯出凈額收窄，服務貿易收

37、付金額增幅較大，服務貿易和收益匯出凈額擴大。二是金融市場開放不斷加深，資本項目收付金額首次達到經常項目收付金額的兩倍，其中證券投資增長顯著，直接投資銀行間債券市場（CIBM）吸引外資凈流入金額居首位。三是離岸人民幣市場保持平穩發展，在岸人民幣匯率對離岸人民幣匯率引領作用明顯，離岸與在岸市場聯動性逐步增強，廣度和深度繼續拓展。一、跨境使用總體情況 2018年，人民幣跨境收付金額合計15.85萬億元，同比增長46.3%。其中收款8萬億元，同比增長51.6%，付款7.85萬億元，同比增長41.3%，收付比為10.98，凈流入1 544億元，2017年為凈流出2 765億元。人民幣跨境收付占同期本外幣

38、跨境收付總金額的比重為32.6%，創歷史新高，較上年提高約7個百分點。人民幣已連續8年成為中國第二大國際支付貨幣。根據SWIFT數據，截至2018年末，人民幣為全球第五大支付貨幣，占全球所有貨幣支付金額比重為2.07%，較2017年同期1.61%有所上升，排名僅次于美元、歐元、英鎊及日元。離岸市場79%的收付發生在香港地區。第二部分2018年人民幣國際使用2019年人民幣國際化報告6圖2-120172018年人民幣跨境收付月度圖數據來源：中國人民銀行。經常項目 ( 左軸 )資本項目 ( 左軸 )人民幣收付 / 本外幣收付 ( 右軸 )億元%45403530252015105018 00016

39、00014 00012 00010 0008 0006 0004 0002 0000 2017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12圖2-220102018年人民幣占本外幣跨境收付比例數據來源：中國人民銀行。經常項目 ( 左軸 )資本項目 ( 左軸 )人民幣收付 / 本外幣收付 ( 右軸 )億元%年20102

40、01120122013201420152016201720184035302520151050180 000160 000140 000120 000100 00080 00060 00040 00020 0000 第二部分2018年人民幣國際使用7上海、北京、深圳三地人民幣跨境收付量位列全國前三。2018年，上海、北京、深圳人民幣跨境收付總金額占全國人民幣跨境收付總金額的比重分別為45.8%、14.1%和10.3%。2018年，全國共有9個?。ㄗ灾螀^、直轄市）人民幣跨境收付金額超過2 000億元，同比增加2個。8個邊境省、自治區的收付金額合計約4 718億元，同比增長17.6%。專欄1.1國

41、際金融中心的界定表2-12018年分地區人民幣跨境收付情況占比（%）合計資本和金融項目經常項目地區序號單位：億元11 333.06 973.66 775.97 717.64 004.83 252.4 532.310 479.251 068.761 320.615 339.99 627.17 562.02 255.42 025.61 840.47 495.1107 466.272 653.622 313.416 403.015 279.66 260.25 278.02 372.717 974.2158 534.9 45.814.110.39.63.93.31.511.3100.0上海北京深圳廣東

42、(不含深圳)江蘇浙江福建其他地區合計12345678數據來源：中國人民銀行。圖2-32018年人民幣跨境收付金額國別和地區分布情況數據來源：中國人民銀行。中國香港，40.5%盧森堡，1.03%英國，2.38%韓國，3.86%日本，3.49%德國，4.18%中國澳門，2.05%荷蘭，1.16%澳大利亞，1.06%開曼群島，1.10%中國臺灣，3.39%其他，23.62%新加坡，8.99%美國，1.89% 瑞士，1.29%2019年人民幣國際化報告82018年，與我國香港地區的人民幣跨境收付金額占比為40.5%，之后分別是新加坡占比9%、德國占比4.2%、韓國占比近4%。新加坡、韓國、英國、瑞士、

43、荷蘭、盧森堡以及我國臺灣和澳門等國家和地區的收付金額占比較2017年均有大幅上升。2018年，中國與“一帶一路”沿線國家辦理人民幣跨境收付金額超過2.07萬億元，占同期人民幣跨境收付總額的13.1%，其中貨物貿易收付金額6 134億元，直接投資收付金額2 244億元，其他投資收付金額3 331億元，跨境融資收付金額3 132億元。截至2018年末，中國與21個“一帶一路”沿線國家簽署了本幣互換協議，在8個“一帶一路”沿線國家建立了人民幣清算機制安排，有6個“一帶一路”沿線國家獲RQFII試點，人民幣與9個“一帶一路”沿線國家貨幣實現直接交易、與3個沿線國家貨幣實現區域交易。專欄一周邊國家人民幣

44、使用發展2018年，中國與周邊國家跨境人民幣結算金額約為3.1萬億元，同比增長46.3%，高于同期全國跨境人民幣結算額增幅，其中經常項目人民幣跨境收付金額合計1.1萬億元，同比增長13%，直接投資項下人民幣跨境收付金額合計2 828億元，同比增長68.1%。貿易和投資跨境人民幣結算量占跨境人民幣收付總量的比重達40%以上。其中與尼泊爾跨境人民幣結算額同比增長9倍，與白俄羅斯增長7倍，與新加坡、韓國、俄羅斯、泰國等13個國家增長均超過50%。俄羅斯、新加坡、韓國、泰國、柬埔寨等15個國家央行已將人民幣資產納入其外匯儲備。目前，人民銀行已在6個周邊國家建立了人民幣清算機制。與越南、哈薩克斯坦等9個

45、周邊國家簽署了雙邊本幣結算協定，與蒙古國、日本等14個周邊國家簽署了雙邊本幣互換協議。2018年2月，人民幣對泰銖區域交易推廣至全國銀行間外匯市場。9月，人民幣對哈薩克斯坦堅戈直接報價交易和跨境平盤機制啟動，引入首批境外銀行加入銀行間外匯市場區域交易，初步形成人民幣對堅戈銀行柜臺掛牌為基礎、銀行間外匯市場區域交易為支撐的掛牌交易體系。此外，中國于2018年陸續推出了“口岸互聯互通信息服務平臺”“中國（新疆）絲路貨幣區域交易信息平臺”，開發完成了境外邊民銀行賬戶服務平臺，大幅提高了邊民參與互市貿易的能力。第二部分2018年人民幣國際使用92018年，中國建立了中老雙邊本外幣現鈔陸路調運通道，新設

46、了“磨憨磨丁”滇老調運線路，開通了對俄陸路跨境人民幣現鈔調運渠道，完成了首筆堅戈現鈔調運。人民幣在周邊國家使用有利于促進中國與周邊國家經貿往來，將中國發展成果更多惠及周邊，推動形成中國全面開放的新格局。 二、經常項目收付2018年，經常項目人民幣跨境收付金額合計5.11萬億元，同比增長19%，其中收入2.06萬億元，同比增長19%，支出3.05萬億元，同比增長17%，凈支出約0.99萬億元，同比增長14%。2018年，經常項目人民幣跨境收付占同期本外幣跨境收付的比例為14%，較2017年提高1個百分點。圖2-420172018年經常項目人民幣跨境收付數據來源：中國人民銀行。貨物貿易 ( 左軸

47、)經常轉移 ( 左軸 )服務貿易 ( 左軸 )收益 ( 左軸 )同比增速 ( 右軸 )億元%6040200-20-40-606 0005 0004 0003 0002 0001 0000 2017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.122019年人民幣國際化報告10（一）貨物貿易 2018年，貨物貿易人民幣跨境

48、收付金額合計3.66萬億元，同比上升13.2%，占同期本外幣跨境收付比重為11.7%，較上年提高0.3個百分點。貨物貿易項下人民幣資金凈流出3 962億元，同比下降15%。其中，一般貿易人民幣跨境收付金額合計2.21萬億元，與上年基本持平，離岸轉手買賣、進料加工貿易人民幣結算同比分別下降71.7%和31%。隨著跨境人民幣業務管理的不斷完善，離岸轉手買賣跨境人民幣收付大幅下降，從2015年最高的1.88萬億元下降到2018年的1 000多億元，貨物貿易跨境人民幣業務更加健康發展。（二）服務貿易 2018年，服務貿易人民幣跨境收付金額合計7 688億元，同比增長32.9%，占同期本外幣跨境收付比重

49、為20.4%，較上年提高4.4個百分點。服務貿易項下人民幣資金凈流出933億元，同比增加909億元。服務貿易跨境收付主要集中于境外酒店、機票、學費、旅游及計算機服務等項目。其中，服務貿易項下第三方支付公司人民幣跨境收付金額合計1 790億元，同比增長171.8%。（三）收益和經常轉移 2018年，收益項下人民幣跨境收付金額合計6 515億元，同比增長32%，經常圖2-520172018年經常項目人民幣占本外幣跨境收付比例數據來源：中國人民銀行。經常項目服務貿易貨物貿易收益及經常轉移6050403020100%2017.012017.022017.032017.042017.052017.062

50、017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12第二部分2018年人民幣國際使用11轉移項下人民幣跨境收付金額合計294億元，同比增長23%。收益及經常轉移人民幣跨境收付占同期本外幣跨境收付比重為43.4%，較上年提高10.2個百分點。收益項下人民幣資金凈流出5 150億元，同比增長27%，經常轉移項下凈回流244億元，同比增長74%。專欄二跨國企業更多選擇人民幣進行跨境收付隨著中國綜合國力的提

51、升，中國在跨國企業全球布局中占據越來越重要的位置。以上海為例，目前已有83家世界500強企業在上海設立了區域總部級機構，承擔在中國的資金管理、采購、銷售、結算等多項職能。2018年，在滬跨國企業共發生跨境人民幣收付1 742億元，占同期本外幣跨境收付的比重為54%，跨境人民幣結算量首次超過外匯結算量。其中，人民幣跨境收付占比超過90%的有20家。多家跨國企業已考慮與中國相關的跨境業務全部使用人民幣結算?？缇橙嗣駧艠I務為跨國企業帶來了實實在在的好處：一是有利于規避匯率風險，降低兌換成本。二是有利于減少供應鏈運營成本，促進上下游企業聚焦主業。三是有利于提高跨境資金結算效率，減少“腳底成本”。四是有

52、利于提升跨國企業中國總部的話語權。許多在華跨國企業積極向母公司爭取，將與中國相關的業務使用人民幣結算，把集團的全球人民幣資產移交境內公司集中運營管理。2018年以來，人民幣匯率呈現一定波動，但跨國企業未因此減少人民幣跨境使用，這顯示出跨國企業使用人民幣跨境收付已經形成一定路徑依賴。調查顯示，跨國企業希望繼續維護當前良好的營商環境，保持跨境人民幣政策的穩定性和連續性，進一步提高政策便利度，提升人民幣可兌換、可自由使用程度。三、資本項目收付2018年，資本項目下人民幣跨境收付金額合計10.75萬億元，同比增長65%，其中收入5.94萬億元，支出4.81萬億元，凈收入1.13萬億元，直接投資、證券投

53、資、跨境融資凈流入分別占資本項目凈流入的21.7%、69.3%和7.6%。 2019年人民幣國際化報告12（一）直接投資 2018年，直接投資項下人民幣跨境收付金額合計2.66萬億元，同比增長61.1%，占本外幣跨境收付的比重為59.5%，同比提高10.2個百分點，凈流入2 464億元，同比增長51%。2018年，對外直接投資人民幣跨境收付金額8 048億元，同比增長76.2%，全年資本金流出530億元，流入118億元，凈流出412億元。2018年，外商直接投資人民幣跨境收付金額1.86萬億元，同比增長57.5%，全年資本金流入2 874億元，流出1 316億元，凈流入1 558億元。（二）跨

54、境人民幣資金池 截至2018年末，全國共設立跨境人民幣資金池1 253個，全年跨境人民幣資金池業務流出8 047億元，流入8 721億元，合計1.68萬億元，同比增長57%，凈流入673億元。（三）“熊貓債” 截至2018年末，“熊貓債”發債主體已涵蓋國際開發機構、外國政府、境外非金融企業、金融機構等，累計注冊/核準額度6 623億元，累計發行規模超過3 147億元。2018年全年，“熊貓債”新發行規模近747億元，較上年增長23.8%。圖2-620172018年資本項目人民幣跨境收付數據來源：中國人民銀行。億元%直接投資 ( 左軸 )其他投資 ( 左軸 )證券投資 ( 左軸 )同比增速 (

55、右軸 )200150100500-5012 00010 0008 0006 0004 0002 00002017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12第二部分2018年人民幣國際使用13圖2-720172018年直接投資人民幣跨境收付月度情況數據來源：中國人民銀行。對外直接投資外商直接投資億元2 5002 0

56、001 5001 00050002017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12數據來源：中國人民銀行。億元凈流入收入支出圖2-820172018年跨境人民幣資金池業務收付月度情況2017.012017.022017.032017.042017.052017.062017.072017.082017.09201

57、7.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.121 4001 2001 0008006004002000 -200-4002019年人民幣國際化報告142018年以來，隨著中國金融市場雙向開放步伐的不斷加快，“熊貓債”市場受到國際市場廣泛關注，發債主體類型進一步擴展，發債規模也實現了大幅增長。從發債主體看，2018年非金融企業“熊貓債”增長最快，共有16個發債主體累計發行36只“熊貓債”，規模合計627億元，發行規模較上年增長191.6%。

58、外國政府類“熊貓債”包括菲律賓、阿聯酋和匈牙利等3個主權發債主體發行3只主權“熊貓債”，發行規模近55億元。截至2018年末，已有波蘭、匈牙利、菲律賓、阿聯酋、加拿大、韓國等6個主權發債主體發行8只主權“熊貓債”，發行規模近165億元。其中菲律賓、阿聯酋為2018年首次進入中國發債。金融機構“熊貓債”共有包括日本三菱日聯銀行、日本瑞穗銀行、農銀國際和中銀投4個發債主體發行4只“熊貓債”，發行規模合計65億元?？傮w來看，2018年非金融企業發債主體發行規模最大，占比84%，金融機構和外國政府類占比分別為8.7%和7.3%。 隨著“熊貓債”市場發展，投資主體參與積極性逐步提升。2018年，市場參與

59、“熊貓債”投資的機構類型增多，農村商業銀行及城市商業銀行逐專欄三 “熊貓債”受到市場歡迎圖2-92018年“熊貓債”發行機構分布數據來源：中國人民銀行。政府金融機構非金融機構8.71%7.31%83.98%第二部分2018年人民幣國際使用15圖2-102018年“熊貓債”投資機構結構數據來源：中國人民銀行。國有商業銀行股份制商業銀行其他商業銀行城市商業銀行農村商業銀行境外投資者基金資管券商59.06%3.87%2.39%17.68%0.92%12.89%1.77%0.38%1.03%步參與“熊貓債”投資。境外商業銀行的境內機構，如匯豐中國、三菱日聯中國、瑞穗中國等參與投資規模明顯增長。2018

60、年外資商業銀行合計投資超過13億元，投資規模為2017年的3倍。境外投資主體認購熱情升溫，在近年的“熊貓債”發行中，多只債券被境外投資主體認購，在匈牙利、加拿大及菲律賓的“熊貓債”項目中，境外投資主體獲配量占比分別達55%、73%和88%，包括主權財富基金、境外央行在內的境外投資主體均有參與?！靶茇垈币殉蔀橹袊鴤袌鲞B接境外發債主體、投資主體的重要紐帶。2018年9月，人民銀行和財政部聯合下發全國銀行間債券市場境外機構債券發行管理暫行辦法（中國人民銀行財政部公告2018第16號），系統規范了四類境外機構在中國發債的基本原則，并從“熊貓債”的發行審批、登記托管結算流程、信息披露等方面進行了規

61、范，明確了市場普遍關注的會計準則和審計監管等問題。辦法的實施對“熊貓債”市場的健康規范發展具有重要意義。隨著人民幣國際化進程的推進和中國債券市場對外開放的深化，后續將有更多的發債主體和投資主體進入中國債券市場，“熊貓債”市場將迎來更大的發展空間。2019年人民幣國際化報告16（四）跨境證券投資 2018年，境外投資主體配置人民幣資產需求顯著增加，證券投資人民幣跨境收付合計6.38萬億元，同比增長83.6%，凈流入7 863億元，同比增長171%，對資本項目增速貢獻最大。債券投資。2018年，共計1 186家境外機構進入銀行間債券市場，直接入市774家，通過“債券通”入市505家，其中93家為既

62、通過直接入市渠道又通過“債券通”渠道進入銀行間債券市場。全年流入2.12萬億元，流出1.52萬億元，凈流入6 022億元。其中“債券通”業務收支金額合計1.03萬億元，增長210%，凈流入862億元，與2017年基本持平；CIBM收支金額合計2.6萬億元，增長117%，凈流入5 160億元，增長125%。專欄四中國債券納入全球重要指數2018年3月，彭博首次宣布將人民幣計價的中國國債和政策性銀行債券納入彭博巴克萊全球綜合指數（BBGA），納入計劃將從2019年4月開始，分20個月完成。2019年4月，彭博正式開始將中國債券納入該指數，人民幣債券成為繼美元、歐元、日元之后該指數的第四大貨幣組成部

63、分。這是人民幣債券首次納入全球三大重要債券國際指數。此外，富時羅素宣布已將中國列入其指數觀察國名單，將于2019年9月對外公布是否將中國債券納入富時世界國債指數。摩根大通也將在2019年夏季的指數管理會議期間征詢將中國債券納入相關指數的反饋意見。近年來，中國債券市場對外開放持續擴大。截至2018年末，中國債券市場存量規模達86萬億元人民幣，其中境外主體持債規模1.71萬億元人民幣，同比增長46%。此次中國債券納入國際主要債券指數，充分反映了國際投資者對于中國經濟的信心，也是中國金融市場對外開放取得新進展的體現，將有利于更好地滿足國際投資者對人民幣資產的配置需求。人民銀行將繼續完善相關制度規則安

64、排，進一步提高中國債券市場對外開放水平，為國際投資者提供更加友好、便利的投資環境?！皽罡弁ā?。2018年，“滬深港通”業務跨境收付金額合計8 415億元，同比增長30%，資金凈流入2 093億元，2017年為凈流出1 055億元。其中，“滬股第二部分2018年人民幣國際使用17通”和“深股通”凈流入2 833億元，內地投資者通過“港股通”累計持有香港股票市值5 475億元，凈流出740億元。RQFII。截至2018年末，共有19個國家和地區獲得RQFII投資額度合計1.94萬億元，205家境外機構備案或申請投資額度合計6 467億元。2018年，RQFII資金流入總金額1 388億元，流出總

65、金額1 203億元，凈流入185億元。2018年5月，經國務院批準，日本獲2 000億元RQFII額度。專欄五境外主體持有境內人民幣資產情況圖2-112018年末RQFII額度分布數據來源：中國人民銀行。單位：億元愛爾蘭，500匈牙利，500瑞士，500澳大利亞，500盧森堡，500德國，800卡塔爾，300加拿大，500韓國，1 200馬來西亞，500美國，2500泰國，500中國香港，5 000智利，500日本，2 000法國，800新加坡，1 000阿聯酋，500（五）其他投資 2018年，包括跨境融資、項目貸款等的其他投資人民幣跨境收付金額合計1.7萬億元，同比增長23.6%，凈流入1

66、 040億元，同比下降19%。截至2018年末，境外主體持有境內人民幣股票、債券、貸款以及存款等金融資產金額合計4.85萬億元，同比增長13.1%。其中，股票市值1.15萬億元，債券托管余額1.71萬億元，存款余額為1.06萬億元（包括同業往來賬戶存款），貸款余額9 247億元。2019年人民幣國際化報告18境內金融市場股票和債券成為境外主體增配人民幣資產的主要品種。截至2018年末，境外主體持有境內人民幣股票和債券規模同比增長27%，其中持有債券托管量占銀行間債券市場債券托管總量的2.4%，持有股票市值占A股總流通市值的2.5%。2018年，境外主體新增的境內人民幣資產中，債券占比為91%。

67、表2-2非居民持有境內人民幣金融資產情況2017年12月2018年3月2018年6月2018年9月2018年12月項目單位：億元12 752.416 029.48 243.511 841.048 866.312 784.917 450.49 242.510 363.649 841.411 746.711 988.37 390.011 734.742 859.711 517.417 115.99 246.510 591.648 471.412 016.313 610.18 417.711 377.945 422.0股票債券貸款存款合計數據來源：中國人民銀行。四、境內人民幣外匯交易截至2018年末

68、，中國境內銀行間外匯交易市場交易主體進一步擴展。共有即期市場會員678家，遠期、外匯掉期、貨幣掉期和期權市場會員各212家、207家、175家和124家，即期市場做市商32家，遠掉期市場做市商27家。中國境內銀行間外匯交易市場交易活躍，產品結構不斷完善，全年人民幣外匯成交折合24.8萬億美元，日均成交折合1 018億美元，同比增長超過20%。其中，人民幣外匯即期成交折合7.6萬億美元，同比增長19.3%；人民幣外匯掉期交易成交折合16.4萬億美元，同比增長22.7%（隔夜美元掉期成交折合9.2萬億美元，占掉期總成交額的56.1%）；貨幣掉期成交658億美元，同比增長15%；遠期成交折合875億

69、美元，同比減少15.3%；人民幣期權成交6 111億美元，同比增長64.6%。2018年，人民幣對非美元外幣直接交易平穩發展，即期成交金額1.6萬億元，在銀行間外匯市場即期交易中占比為3.2%。2月，銀行間外匯市場人民幣對泰銖交易方式進一步完善，從區域交易發展為直接交易。9月，銀行間外匯市場人民幣對哈薩克斯坦堅戈區域交易引入新境外機構參加報價交易，并將交易時間延長。第二部分2018年人民幣國際使用19五、人民幣計價大宗商品（一）原油期貨合約在上海期貨交易所掛牌并運行 2018年3月，以人民幣計價的原油期貨在上海期貨交易所子公司上海國際能源交易中心（INE）掛牌交易，同時引入境外交易者。交易品種

70、主要是中質含硫原油，包括杜拜原油、上扎庫姆原油、阿曼原油、卡塔爾海洋油、也門馬西拉原油、伊拉克巴士拉輕油，以及國產的勝利原油7個可交割油種。交易單位為1 000桶/手。交易時間主要是上午9:0011:30、下午13:3015:00，晚上21:00到第二天2:30。目前，交割方式為現貨交割，交易安排為凈價交易，保稅交割。凈價交易是指計價不含關稅和增值稅，保稅交割是指依托保稅油庫進行實物交割。目前，對INE原油期貨交易暫免增值稅。（二）大連商品交易所鐵礦石期貨引入境外交易者鐵礦石是繼原油之后世界第二大貿易額、中國第一大進口量商品。2013年10月，中國鐵礦石期貨上市，參與者為境內交易者，以人民幣計

71、價結算。目前大連商品交易所的鐵礦石期貨市場已發展成為全球最大的鐵礦石期貨市場，對國內鋼廠鎖定利潤、穩定經營具有重要意義。為進一步推動期貨市場對外開放，更好地服務實體經濟，2018年5月，鐵礦石作為特定品種期貨，正式引入境外交易者。境外交易者的交易機制基本參照原油期貨。（三）人民幣計價的精對苯二甲酸期貨引入境外交易者精對苯二甲酸（PTA）是重要的大宗紡織原料，中國是全球最大的PTA生產表2-32018年銀行間外匯即期市場人民幣對各幣種交易量港元馬來西亞林吉特波蘭茲羅提越南盾英鎊俄羅斯盧布丹麥克朗哈薩克斯坦堅戈（區域交易）柬埔寨瑞爾（區域交易）蒙古圖格里克（區域交易）澳大利亞元南非南特瑞典克朗美元

72、新加坡元阿聯酋迪拉姆土耳其里拉新西蘭元韓元挪威克朗歐元瑞士法郎沙特里亞爾墨西哥比索日元加拿大元匈牙利福林泰銖幣種幣種幣種幣種單位：億元1 9203570.0082 7845814181516148470.02587961000.006491 907554862196218210.087 547296744交易量交易量交易量交易量數據來源：中國外匯交易中心。2019年人民幣國際化報告20專欄六INE原油期貨交易發展情況國和消費國，也是PTA上下游產品的主要貿易國。2006年12月，PTA期貨上市，參與者為境內交易者。為提高PTA期貨價格國際認可度，2018年11月，PTA期貨正式引入境外交易者。

73、境外交易者的交易機制與原油期貨保持一致。原油、鐵礦石和PTA等大宗商品期貨交易引入境外交易者是我國擴大對外金融開放的重要舉措，有利于提升期貨市場服務實體經濟的功能，推動人民幣成為大宗商品的計價結算貨幣。境外交易者投資原油、鐵礦石和PTA等大宗商品期貨，可以使用人民幣或美元等作為保證金，截至2019年2月末，折算成人民幣計算，境外交易者共匯入保證金57.1億元，匯出36.9億元，其中人民幣占比分別為59.2%和75.5%，體現了境外交易者對人民幣的偏好。INE原油期貨上市以來，市場規模不斷擴大。截至2019年2月末，累計成交量（單邊，下同）超過3 418萬手，累計成交金額近16萬億元，日均持倉2

74、.2萬手。INE原油期貨日均成交量已超過迪拜商業交易所阿曼原油期貨品種，成為亞洲交易量最大的原油期貨合約，僅次于美國西德克薩斯中質（WTI）原油期貨和英國布倫特（BRENT）原油期貨，躋身全球交易量前三。目前，INE原油期貨已經完成我國香港地區、新加坡、英國、韓國、日本等52家境外中介機構的備案，境外交易者來自英國、澳大利亞、瑞士、新加坡、塞浦路斯和塞舌爾等國家及我國香港和臺灣地區。隨著INE原油期貨的穩步發展，預計境外交易者參與數量和程度將逐漸提升。INE原油期貨反映中國石油市場供需關系的功能初步顯現。2018年3月，殼牌與聯合石化簽署原油貿易合同，這是第一筆以INE原油期貨價格作為基準價計

75、價交易的進出口現貨貿易。10月，聯合石化和山東京博石化簽署原油貿易合同，這是第一筆以INE原油期貨價格作為基準價計價交易的國內現貨貿易。國際能源署（IEA）、石油輸出國組織（OPEC）等國際機構對INE原油期貨高度關注并進行了正面評價。普氏、阿格斯等報價機構已取得上期所授權，在其發布信息產品中增列INE原油期貨價格數據，同時增加對上期所可交割油種亞洲到岸價的評估。第二部分2018年人民幣國際使用21六、人民幣國際儲備貨幣根據IMF COFER數據，截至2018年第四季度末，人民幣儲備規模達2 027.9億美元，占標明幣種構成外匯儲備總額的1.89%，排名超過澳大利亞元的1.62%和加拿大元的1

76、.84%，居第6位，這是IMF自2016年開始公布人民幣儲備資產以來的最高水平。據不完全統計，目前全球已有60多個央行或貨幣當局將人民幣納入外匯儲備。七、人民幣跨境現鈔調運 2018年，人民幣跨境現鈔調運平穩發展。銀行跨境調運人民幣現鈔業務規模、凈調入量穩中有升。年內，銀行跨境調運人民幣現鈔金額總計1 171億元，同比增長2.2%，其中出境95億元，入境1 075億元，人民幣現鈔凈調入980億元。海外人民幣現鈔供應回流業務規模持續下降，由連續三年凈存入轉為凈提取。年內，海外人民幣現鈔供應回流業務金額總計2.4億元，同比下降31.5%。其中，海外提取現鈔1.9億元，存入現鈔0.5億元，人民幣現鈔

77、凈提取1.4億元。圖2-1220162018年人民幣在COFER中的規模和占比數據來源：國際貨幣基金組織。億美元%規模 ( 左軸 )占比 ( 右軸 )2.001.801.601.401.201.000.800.600.400.200.002 5002 0001 5001 00050002016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q42019年人民幣國際化報告22專欄七海外人民幣現鈔兌換情況調查2018年，境外人民幣現鈔兌換業務量上升較快，但總體規模有限。近年來，隨著境內個人出境旅游的不斷增加和人民幣國際接受程度的明顯提

78、升，境外人民幣現鈔兌換業務量增長較快。2011年至2018年，中國內地居民進出境從1.4億人次增至5.6億人次。居民攜帶人民幣現鈔在境外兌換、消費，由于人民幣現鈔在境外流通和貯藏功能有限，多數經兌換后又通過銀行體系回流境內。境外人民幣現鈔兌換業務，主要集中在境內個人出境游較多、現鈔兌換需求較大的國家和地區。從便利性看，周邊國家和地區現鈔兌換較便利，我國港澳臺地區、新加坡、泰國等地開展人民幣現鈔兌換業務的機構較多，現鈔兌換場所覆蓋面較全。歐美等國現鈔兌換網點有限，如美國僅可在出入境口岸、中心城市的外幣現鈔兌換機構及大型國際銀行進行小額外幣現鈔兌換。非洲國家開始出現少量現鈔兌換業務，南非、納米比亞

79、等少數非洲國家的標準銀行可提供個人人民幣現鈔兌換服務。從趨勢看，境外人民幣現鈔兌換業務量將繼續保持增長，但總體規模不會太大。目前，銀聯卡已可以在境外171個國家和地區使用，并可以在境外有銀聯標識的ATM提取當地貨幣現鈔。伴隨中國出境游客規模的快速增長，第三方支付境外業務也在不斷增長。相比現鈔，非現金支付更加安全便捷，已成為個人境外消費的首選支付方式。八、人民幣跨境支付系統建設2018年，CIPS共處理各類業務144萬筆，金額約26.45萬億元，同比分別增長14.6%和81.7%。日均處理業務5 724筆，金額約1 050億元。其中，客戶匯款業務107萬筆，金額4.63萬億元；金融機構匯款業務3

80、6萬筆，金額21.24萬億元；雙邊業務4 300筆，金額5 758億元；批量業務1.5萬筆，金額5 700萬元。2018年，CIPS共完成“債券通”資金結算7 478筆，金額8 931億元。從債券買賣方向看，境外機構買券4 619筆，金額5 598億元；境外機構賣券2 859筆，金額3 333億元。從境內托管機構看，中央結算公司托管債券資金結算4 721筆，合計金額4 414億元，上海清算所托管債券資金結算2 757筆，合計金額4 516億元。第二部分2018年人民幣國際使用23九、人民幣利率和匯率變動 （一）利率變動情況2018年，境內貨幣市場人民幣利率中樞整體下行，年末略有回升。年末，隔圖

81、2-132018年上海銀行間同業拆放利率走勢（1）數據來源：中國貨幣網。5.04.54.03.53.02.52.01.51.00.502018.01.012018.01.162018.01.302018.02.122018.03.022018.03.162018.03.302018.04.162018.04.282018.05.152018.05.292018.06.122018.06.272018.07.112018.07.252018.08.082018.08.222018.09.052018.09.192018.10.092018.10.232018.11.062018.11.20201

82、8.12.042018.12.18隔夜1 周1 個月圖2-142018年上海銀行間同業拆放利率走勢（2）數據來源：中國貨幣網。65432102018.01.022018.01.152018.01.262018.02.082018.02.262018.03.092018.03.222018.04.042018.04.182018.05.022018.05.152018.05.282018.06.082018.06.222018.07.052018.07.182018.07.312018.08.132018.08.242018.09.062018.09.192018.10.082018.10.19

83、2018.11.012018.11.142018.11.272018.12.102018.12.213 個月6 個月1 年%2019年人民幣國際化報告24夜、1個月、3個月、6個月和1年期上海銀行間同業拆放利率（SHIBOR）分別較年初下降10個、127個、146個、153個和123個基點，收于2.55%、3.47%、3.35%、3.3%和3.52%，7天期SHIBOR較年初小幅上升6個基點，收于2.9%。 （二）匯率變動情況 2018年，人民幣對一籃子貨幣總體先升后貶。年末，中國外匯交易中心（CFETS）人民幣匯率指數為93.28，較2017年末下跌1.7%。根據國際清算銀行（BIS）數據，

84、2005年人民幣匯率形成機制改革以來，截至2018年末，人民幣名義有效匯率和實際有效匯率分別升值34.3%和45.1%。2018年，境內人民幣匯率雙向浮動，彈性顯著增強。人民幣兌美元等全球主要貨幣有升有貶，其中人民幣兌美元、日元和歐元的中間價分別較2017年末貶值4.8%、6.5%和0.6%，人民幣兌英鎊中間價較2017年末升值1.2%。全年，人民幣對美元匯率中間價最高為6.2764元，最低為6.9670元，波動幅度達6 906個基點，年化波動率為4.2%，較2017年明顯提升。在243個交易日中，104個交易日升值、139個交易日貶值，最大單日升值幅度為0.7%（492點），最大單日貶值幅度

85、為0.9%（605點）。年末，人民幣對美元匯率中間價為6.8632元，較上年末貶值4.8%，對美元匯率收盤價為6.8658元，較上年末貶值5.2%。圖2-152018年境內人民幣匯率走勢數據來源：萬得數據庫。7.27.06.86.66.46.26.05.82018.01.022018.02.022018.03.022018.04.022018.05.022018.06.022018.07.022018.08.022018.09.022018.10.022018.11.022018.12.02USD/CNY：即期匯率中間價：美元兌人民幣第二部分2018年人民幣國際使用25十、央行合作 （一）雙邊

86、本幣互換2018年，人民銀行與日本銀行、尼日利亞央行新簽署雙邊本幣互換協議，總金額2 150億元；與英國、智利、南非、馬來西亞、白俄羅斯、印度尼西亞、哈薩克斯坦、巴基斯坦、澳大利亞、烏克蘭、阿爾巴尼亞等11國央行續簽雙邊本幣互換協議，總金額1.03萬億元。（二）境外清算機制安排繼2016年與美國聯邦儲備委員會簽署合作備忘錄并授權中國銀行紐約分行擔任人民幣清算行后，人民銀行于2018年2月授權美國摩根大通銀行擔任美國人民幣清算行。10月，人民銀行與日本銀行簽署合作備忘錄，在日本建立人民幣清算機制安排，并授權中國銀行東京分行擔任人民幣清算行。11月，人民銀行與菲律賓央行簽署合作備忘錄，在菲律賓建立

87、人民幣清算機制安排。此外，人民銀行于2018年1月和4月分別與中國銀行臺北分行、中國工商銀行新加坡分行續簽關于人民幣業務的清算協議。2019年人民幣國際化報告262018年，跨境人民幣業務政策實現全覆蓋。凡是外幣能做的，人民幣都能做，而且更為便利?？缇橙嗣駧艠I務管理方式逐步優化，宏觀審慎管理不斷完善，市場自律規則體系基本形成。在守住風險底線的同時，金融市場開放力度不斷加大，投融資業務流程不斷優化，境內金融市場風險對沖功能不斷強化，匯率形成機制進一步完善，人民幣資本項目可兌換程度穩步提升。一、優化跨境人民幣業務政策 2018年1月，人民銀行發布關于進一步完善人民幣跨境業務政策促進貿易投資便利化的

88、通知（銀發20183號），進一步完善跨境人民幣政策：一是明確凡依法可使用外匯結算的跨境交易，企業都可以使用人民幣結算。二是滿足個人項下雇員報酬、社會福利、贍家款等人民幣跨境收付需要，便利境內個人將境外合法收入匯回境內使用，以及境外個人將境內合法人民幣收入匯出境外。三是踐行綠色發展理念，支持境外投資者以人民幣參與境內碳排放權交易。四是便利境外投資者以人民幣進行直接投資，優化業務辦理流程，取消相關賬戶開立和資金使用等有關方面的限制，確保境外投資者的人民幣利潤、股息等投資收益依法自由匯出。五是明確了境內企業境外發行債券、股票募集的人民幣資金可按實際需要調回境內使用。至此，人民幣跨境使用政策實現全覆蓋

89、。二、推動資本市場雙向開放（一）推動RQDII業務規范健康發展2018年4月，人民銀行發布關于進一步明確人民幣合格境內機構投資者境外證券投資管理有關事項的通知（銀辦發201881號），進一步規范RQDII境外投資產品、信息報送和宏觀審慎管理等要求。（二）優化“滬深港通”運行機制和香港離岸人民幣市場流動性補充機制2018年5月，人民銀行發布關于進一步完善跨境資金流動管理支持金融市場開放有關事宜的通知（銀辦發201896號），將港澳人民幣業務清算行存第三部分政策及相關改革進展第三部分政策及相關改革進展27放人民銀行清算賬戶人民幣存款的準備金率調整為零；明確“滬深港通”境外投資者可通過香港結算行辦理

90、外匯資金兌換和外匯風險對沖業務，并納入人民幣購售業務管理。（三）完善RQFII境內證券投資管理2018年6月，人民銀行會同外匯局發布關于人民幣合格境外機構投資者境內證券投資管理有關問題的通知（銀發2018157號），進一步優化RQFII境內投資賬戶開立和使用管理要求，取消其他產品鎖定期，滿足外匯風險對沖需求。（四）完善跨境人民幣購售業務管理2018年6月，人民銀行發布關于完善人民幣購售業務管理有關問題的通知（銀發2018159號），為加強與金融市場互聯互通機制的銜接，提高金融服務實體經濟能力，將購售業務范圍拓寬至經常項目、直接投資和經批準的證券投資等資本和金融項目，交易品種拓展至即期、遠期、外

91、匯掉期、貨幣掉期和期權等；同時，允許境外參加行和境外企業集團集中辦理購售業務，進一步提高境外機構辦理購售業務的便利性。 （五）規范“熊貓債”發行2018年9月，人民銀行和財政部聯合發布全國銀行間債券市場境外機構債券發行管理暫行辦法（中國人民銀行財政部公告2018第16號），系統規范了“熊貓債”發行審批、登記托管結算流程、信息披露管理，明確市場普遍關注的會計準則和審計監管等問題。三、完善宏觀審慎管理 2018年1月，為引導商業銀行審慎管理跨境資金流動風險，人民銀行對商業銀行人民幣跨境賬戶融資業務引入了逆周期調節系數，根據境內代理行上年末人民幣存款余額確定賬戶融資上限。4月，人民銀行完善了跨境人民

92、幣資金池管理，對資金池凈流入和流出設定宏觀審慎調節系數，加強了對資金池主辦企業、成員企業和結算銀行的管理，強化事中事后管理。同時，人民銀行加強對跨境資金流動的日常監測分析預警，督促金融機構做好跨境人民幣業務自律管理，促進跨境人民幣業務持續健康發展。8月，為防范宏觀金融風險，促進金融機構穩健經營，人民銀行將遠期售匯業務的外匯風險準備金率從0調整為20%，并重啟人民幣對美元中間價報價“逆周期因子”。2019年人民幣國際化報告28專欄八完善自律機制取得階段性成果2018年8月，全國外匯市場自律機制發布銀行跨境人民幣業務操作指引（以下簡稱操作指引）和銀行跨境人民幣業務展業規范（以下簡稱展業規范），標志

93、較為完備的市場自律規則體系形成，有效推動銀行落實“展業三原則”，提升真實性、合規性審核能力。操作指引和展業規范基本涵蓋了目前所能開展的跨境人民幣業務，從業務定義、政策依據、客戶識別、客戶分類、審核原則、審核及操作要點、風險提示等維度進行業務規范。為更貼近業務實踐，便利業務人員操作，每項子規范根據所涉及業務的具體特征進行了細分。制定跨境人民幣業務自律規范有助于銀行貫徹落實“展業三原則”，提高真實性、合規性審核能力，防范相關風險，較好地解決了不同銀行具體業務操作及審核標準不一、審核尺度不同的問題，有利于規范跨境人民幣業務，培育銀行審慎展業的意識，推動人民幣國際化長遠健康發展。四、完善人民幣匯率形成

94、機制 2018年以來，面對錯綜復雜的外部環境，人民銀行堅持以我為主，適當兼顧國際因素，在多目標中把握好綜合平衡。第一季度，在美元走弱、跨境資本流動和外匯供求基本平衡的背景下，人民銀行發揮市場供求在匯率形成中的決定性作用，逐步推動前期逆周期調控政策回歸中性。第二季度以后，人民幣匯率有所貶值，人民銀行繼續穩步深化匯率市場化改革，保持人民幣匯率彈性，發揮匯率調節宏觀經濟和國際收支“自動穩定器”的作用。同時，根據形勢變化，采取宏觀審慎政策等一系列有針對性措施，包括加強與市場溝通、提高遠期售匯風險準備金率、重啟中間價報價“逆周期因子”等，并創新和豐富了調控工具箱，引導和穩定市場預期。上述措施釋放了積極信

95、號，取得了積極效果。2018年，中國跨境資本流動、匯率預期和外匯市場運行基本平穩，人民幣匯率在合理均衡水平上保持基本穩定。第四部分離岸人民幣市場發展292018年，離岸人民幣市場保持健康平穩發展，市場廣度和深度不斷增加，離岸在岸人民幣市場聯動增強。離岸市場對人民幣信心增強，投資行為趨于理性，離岸人民幣匯率圍繞在岸價格變動，各項人民幣業務指標回穩向好?！皽罡弁ā薄皞ā睓C制持續優化，跨境投資渠道進一步疏通，對境內的投資快速增長。離岸市場對優質人民幣資產需求增長，香港地區人民幣央票發行受到歡迎。一、離岸人民幣利率和匯率變動（一）利率變動情況2018年，離岸人民幣利率總體回落，與往年相比波動下降

96、，各期限出現分化，短期利率波動持穩，較長期限總體回落。2018年末，人民幣香港銀行同業拆借利率（HIBOR）隔夜拆借定盤利率為1.73%，較2017年末持平，7天、3個月和1年期利率分別為2.80%、3.58%和3.83%，分別較2017年末下降21個、122個和124個基點。第四部分離岸人民幣市場發展圖4-12018年香港離岸人民幣拆借利率走勢（1）數據來源：路透。8765432102018.01.022018.02.022018.03.022018.04.022018.05.022018.06.022018.07.022018.08.022018.09.022018.10.022018.1

97、1.022018.12.02隔夜1 周1 個月%2019年人民幣國際化報告30圖4-22018年香港離岸人民幣拆借利率走勢（2）數據來源：路透。3 個月6 個月1 年2018年，離岸市場利率水平整體高于在岸市場，HIBOR比SHIBOR平均高0.04個百分點。中美利差收斂，離岸人民幣掉期價格整體跟隨在岸人民幣掉期震蕩走低。上半年，1年期離岸在岸人民幣掉期價差主要在100300PIPS區間，8月“債券通”“滬深港通”項下資金北上，疊加在岸遠期售匯風險準備金率調整，離岸人民幣掉期與在岸人民幣掉期價差拉寬，HIBOR與SHIBOR利差由上半年的0.39%逆轉至下半年的-0.29%，1個月期和3個月期

98、利差則分別由上半年的0.10%和0.14%擴大至下半年的0.76%和0.90%。（二）匯率變動情況 2018年，離岸人民幣匯率雙向波動特征顯著，與在岸人民幣匯率走勢基本一致，離岸在岸匯差略有收窄，貶值預期總體回落。2018年，上半年離岸人民幣匯率較強勢，一度升近6.25水平，下半年離岸人民幣匯率走弱，全年報收6.88，即期匯率較上年末貶值5.33%，1年期NDF較年初貶值3.96%, 隱含貶值率從年初的1.86%收窄至年末的0.60%，人民幣匯率貶值預期回落。離岸人民幣匯率圍繞在岸市場匯率波動，年內強于或弱于美元人民幣中間價的交易日天數大致相同。全年離岸在岸平均匯差為102個基點，較2017年

99、縮小27個基點，日均匯差128個基點，較2017年收窄13個基點。765432102018.01.022018.02.022018.03.022018.04.022018.05.022018.06.022018.07.022018.08.022018.09.022018.10.022018.11.022018.12.02%第四部分離岸人民幣市場發展31圖4-32018年香港離岸人民幣對美元匯率走勢數據來源：路透。2018.01.022018.02.022018.03.022018.04.022018.05.022018.06.022018.07.022018.08.022018.09.0220

100、18.10.022018.11.022018.12.02USD/CNH: 即期匯率（左軸）隱含貶值率（右軸）USD/CNY: 1 年期 NDF（左軸）0.500.00-0.50-1.00-1.50-2.00-2.50-3.00-3.50-4.007.27.06.86.66.46.26.05.8%二、離岸人民幣存貸款據不完全統計，截至2018年末，境外主要離岸市場人民幣存款余額超過1.2萬億元（不包括銀行同業存款）。其中我國香港地區人民幣存款余額為6 150億元，全球排名第1位，同比上升10%，占香港地區全部存款余額的5.4%，占外幣存款的10.8%；我國臺灣地區人民幣存款余額近3 000億元，

101、全球排名第2位，同比下降7.4%，占臺灣地區全部存款的3.9%，占外幣存款的23.2%；英國超過562億元，新加坡近500億元，分別位列全球第3位和第4位。據不完全統計，截至2018年末，境外主要離岸市場人民幣貸款余額合計超過3 810億元。與2017年比較，降幅明顯放緩。其中新加坡貸款余額1 109億元，排名超過我國香港地區居全球第1位，香港地區1 056億元排名全球第2位，英國貸款余額超過492億元排名全球第3位。2019年人民幣國際化報告32專欄九在香港發行人民幣央行票據圖4-420172018年香港地區人民幣存貸款情況數據來源：香港金融管理局。三、離岸人民幣證券融資2018年，離岸人民

102、幣債券市場回暖。據不完全統計，已建立清算行的國家和地區2018年當年共發行人民幣債券1 719億元，同比增長115.6%，其中香港人民幣債券發行全年為419億元，比2017年增長近七成。截至2018年12月，已建立清算行的國家和地區人民幣債券未償付余額4 151億元，同比減少18.5%；人民幣大額存單（CD）發行余額1 066億元，同比增長1 211%；人民幣基金發行余額262億元，同比增長59.1%。人民幣貸款人民幣存款十億元70060050040030020010002017.022017.032017.042017.052017.062017.072017.082017.092017.1

103、02017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12繼2015年于倫敦首次海外發行人民幣央行票據，人民銀行先后于2018年11月和2019年2月在香港發行人民幣央行票據。2018年9月，人民銀行與香港金管局簽署合作備忘錄，便利人民銀行在香港發行央行票據。11月，人民銀行通過香港金管局債務工具中央結算系統（CMU）債券投標平臺，在香港發行兩期共200億元央行票據，其中3個月和1年期品種各100億元，中標利率分別為3.79%和4.20%。2019年2月，

104、人民第四部分離岸人民幣市場發展33銀行再次通過CMU平臺在香港發行兩期共200億元央行票據，其中3個月和1年期品種各100億元，中標利率分別為2.45%和2.80%。發行吸引了涵蓋商業銀行、基金、投資銀行、證券、央行、國際金融組織等眾多機構投資者類型，兩次認購倍數均超過6倍。香港人民幣央行票據發行獲得離岸市場投資者歡迎和積極認購，符合市場需求，豐富了香港高信用等級人民幣投資產品和人民幣流動性管理工具，有利于完善香港人民幣債券收益率曲線，有助于推動人民幣國際使用。四、全球人民幣外匯交易2018年，全球人民幣外匯交易穩步增加。根據BIS 2016年4月發布的最新數據（三年一次），全球交易最活躍貨幣

105、中人民幣排名第8位，在新興市場國家貨幣中排名第一。全球人民幣日均交易量從2013年的1 200億美元增至2 020億美元，交易量占全球外匯市場份額從2013年的2%上升至4%。人民幣交易增長主要來自人民幣對美元交易增長，95%的人民幣對外幣交易由人民幣對美元構成，對美元交易量從2013年的全球第9位增至第6位，日均交易量從2013年的1 130億美元增至1 920億美元。根據SWIFT數據，人民幣是全球外匯市場最活躍的貨幣之一。目前英國、我國香港地區、美國和新加坡人民幣外匯交易金額分別排在離岸市場前四位，合計占離岸人民幣外匯交易金額超過八成。2018年，離岸人民幣計價的權益類投資產品更加豐富，

106、場外交易（OTC）產品包括即期、遠期、掉期、貨幣掉期、無本金交割遠期（NDFs）、期權、期貨、人民幣交易型開放式指數基金（ETF）、人民幣房地產投資信托（REIT），交投活躍。離岸人民幣交易所市場主要在新加坡以及我國香港和臺灣地區，提供人民幣兌美元期貨和標準化人民幣兌美元期權產品。2018年，港交所人民幣兌美元期貨日均成交7 135張合約，同比增長138%；人民幣兌美元期權日均成交122張合約，較2017年增長125%。截至2018年12月，人民幣兌美元期貨未平倉合約超過3萬張，人民幣兌美元期權未平倉合約5 625張。各種貨幣兌人民幣期貨年內均創日成交量新高。五、離岸人民幣清算截至2018年末

107、，境外清算行人民幣清算量合計 316.61萬億元，同比增長2019年人民幣國際化報告34專欄十香港以外其他主要離岸市場發展情況11%。其中，代客清算量29.41萬億元，同比增長8.3%；銀行同業清算量287.2萬億元，同比增長11.2%。截至2018年末，在境外清算行開立清算賬戶的參加行及其他機構數目達886個，同比增長3.1%。2018年，香港人民幣實時支付結算系統（RTGS）處理的清算金額達241萬億元，同比增長11.8%，達到歷史最高水平。英國。根據SWIFT數據，倫敦是全球最大的人民幣外匯交易中心，是除香港地區以外使用人民幣最多的市場，也是離岸人民幣債券發行和交易最活躍的市場之一。倫敦

108、人民幣外匯交易包括即期、遠期、掉期、期權。根據英格蘭銀行信息，2018年12月末，倫敦人民幣外匯交易金額占全球總金額的36.1%，比第二名的香港高約6.5個百分點，日均人民幣外匯交易規模達766億英鎊。截至2018年末，倫敦市場未到期的人民幣債券共計114只，規模達336億元。2018年當年，倫敦證券交易所新發行人民幣債券42只，總規模125億元，發行主體和發行數量均比2017年有顯著增長。新加坡。2018年，新加坡與中國跨境收付金額超過1.4萬億元，僅次于我國香港地區。根據SWIFT統計，新加坡是除香港地區以外使用人民幣第二圖4-520152018年倫敦離岸人民幣日均外匯交易數據來源：英格蘭

109、銀行。即期遠期掉期期權其他億英鎊90080070060050040030020010002015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4第四部分離岸人民幣市場發展35多的市場，外匯及衍生品市場活躍，也是離岸人民幣債券發行和交易最活躍的市場之一。新加坡交易所（SGX）可交易人民幣期貨和證券兩個品種。截至2018年末，新交所人民幣外匯期貨交易5 300億美元。在人民幣證券方面，新交所可提供上市、報價、交易、清算及結算服務，并通過雙幣種報價機制為投資者在人民

110、幣、新加坡元及其他外幣間交易提供便利。截至2018年末，未到期人民幣債券87只，規模476億元。2018年當年，新加坡市場新發行人民幣債券35只，規模206億元。美國。根據SWIFT數據，2018年，美國人民幣外匯交易量在全球排名第三位，市場份額為8.5%，僅次于英國和我國香港地區。2018年2月，美國摩根大通銀行被人民銀行授權擔任美國人民幣清算行，成為第一家被授權的外資人民幣清算行。盧森堡。盧森堡在全球人民幣投融資中日益發揮重要作用。根據盧森堡央行信息，2018年，盧森堡證交所上市的人民幣債券占全球市場份額的26%，已超越香港市場成為全球最大的離岸人民幣債券發行中心。盧森堡還是全球第一大投資

111、中國基金注冊地，超過29%投資中國市場的投資基金選擇注冊在盧森堡，人民幣計價的投資基金管理規模超過3 300億元，約78%投資于中國的歐洲基金注冊在盧森堡。德國。2018年，德國與中國跨境人民幣收付金額近6 630億元，僅次于我國香港地區和新加坡。德國實體企業特別是與中國有貿易往來的大中型跨國企業對人民幣接受程度較高，較早開始持有和投資人民幣產品，其中包括集團內人民幣計價結算、發行“熊貓債”和境外人民幣債券、搭建跨境人民幣資金池等。韓國。2018年，韓國與中國跨境人民幣結算金額超過6 115億元，僅次于我國香港地區、新加坡和德國。2014年末，韓國推出銀行間人民幣對韓元直接兌換市場，2018年

112、首爾直兌市場日均成交量（單邊）約120億元、2 300筆。韓國外匯市場交易包括人民幣即期、遠期、掉期、期貨。韓國交易所可為人民幣計價證券提供上市、報價、交易、清算及結算服務，并通過雙幣種報價機制為投資者在人民幣、韓元及其他外幣間交易提供便利。阿聯酋。自2016年當地建立人民幣清算機制安排后，阿聯酋人民幣業務快速增長，同比增長率達144%。根據SWIFT數據，2018年阿聯酋人民幣業2019年人民幣國際化報告36務量合計7 477億元，居阿拉伯國家之首，占比58%。目前，中阿兩國央行間人民幣業務合作種類最為齊全，包括RQFII試點、央行雙邊本幣互換協議、在當地建立人民幣清算機制安排、兩國貨幣直接

113、交易。為進一步拓展當地及中東地區人民幣業務，阿聯酋央行于2018年12月聯合當地人民幣清算行在首都阿布扎比舉辦人民幣專題論壇，取得良好反響。第四部分離岸人民幣市場發展37第五部分全球主要經濟體相關經濟金融形勢2018年，全球經濟總體延續增長態勢但增勢放緩，經濟增長同步性總體下降。國際貿易增速放緩，國際直接投資下滑，全球金融市場波動加大。除美國等少數經濟體外，全球大部分經濟體增速回落。根據IMF于2019年4月發布的世界經濟展望，2018年全球經濟增速3.6%，較上年下降0.2個百分點，其中發達經濟體增速2.2%，新興市場和發展中經濟體增速4.5%。主要發達經濟體繼續推進貨幣政策正?；M程，新興

114、市場經濟體貨幣政策多數跟隨美國收緊或保持中性。一、美國 2018年，美國經濟增長較強勁，通脹水平較上年回升，失業率低位下行，個人消費支出增長加快，全年經濟增速2.9%，較上年提高0.7個百分點。貨幣政策正?；M程繼續推進，繼續提高聯邦基金利率目標區間并持續縮表。受美聯儲連續加息等因素影響，倫敦同業拆借市場美元LIBOR略有上升，截至12月末，1年期LIBOR為3.0054%，全球美元融資成本和美元流動性收緊。2018年末，美元指數收于96.17，較上年末上漲4.4%。根據IMF最新公布數據，截至2018年第四季度末，全球官方外匯儲備資產約為10.73萬億美元，其中美元資產占比為61.7%，已連

115、續第三個季度下降。二、歐元區2018年，歐元區經濟增長放緩，總體物價水平上升，核心通脹相對穩定，失業率持續下降，出口增速下滑，商業樂觀情緒減弱，全年經濟增速1.8%，較上年下降0.6個百分點。歐央行全年維持主要再融資操作利率、邊際貸款便利利率和存款便利利率水平不變，維持資產購買規模不變。受歐央行貨幣政策收緊預期等因素影響，歐元區同業拆借利率EURIBOR略有上升，截至12月末，1年期EURIBOR為-0.117%。2018年末，歐元收于1.1469美元/歐元，較上年末貶值4.39%。根據IMF最新公布數據，截至2018年第四季度末，全球官方外匯儲備資產中歐元資產占比為20.7%，是2014年第

116、四季度以來最高水平。2019年人民幣國際化報告38三、日本2018年，日本經濟波動性增大，通脹預期低迷，勞動力市場接近充分就業，企業漲薪動力不足，全年經濟增速0.8%，較上年下降1.1個百分點。日本銀行繼續實施收益率曲線管理下的量化和質化寬松貨幣政策，維持部分超額準備金利率不變，并維持資產購買規模不變。2018年末，日元收于109.56日元/美元，較上年末升值2.84%。根據IMF最新公布數據，截至2018年第四季度末，全球官方外匯儲備資產中日元資產占比為5.2%。四、英國2018年，英國經濟低速增長，通脹水平下降，勞動力市場趨緊，就業率升至歷史新高，全年經濟增速1.4%，較上年下降0.4個百

117、分點。英格蘭銀行上調了基準利率并維持購買規模不變。2018年末，英鎊收于1.2757美元/英鎊，較上年末貶值5.59%。根據IMF最新公布數據，截至2018年第四季度末，全球官方外匯儲備資產中英鎊資產占比為4.4%。五、新興市場2018年，新興市場經濟體表現繼續分化，部分國家經濟減速與通脹高企并存，匯市、股市、債市震蕩加大，大規模資本外流再現。印度經濟保持較快增長，第二季度GDP同比增長8.2%，第四季度放緩至6.6%。巴西經濟增長動能復蘇，全年經濟增速1.1%。石油等大宗商品價格回升帶動俄羅斯經濟企穩，通脹得到控制，金融市場波動，全年經濟增速2.3%。南非經濟在第三季度略有起色，但失業率仍居

118、高不下。阿根廷受金融市場動蕩影響，GDP連續收縮。土耳其受經濟制裁和貨幣危機影響經濟形勢明顯惡化。面對全球金融環境收緊及本幣貶值壓力，印度、菲律賓、印度尼西亞、土耳其、阿根廷、俄羅斯、墨西哥等多國央行選擇跟隨美國加息或偏中性的貨幣政策。阿根廷比索、土耳其里拉、巴西雷亞爾、印度盧比對美元較上年末分別貶值50.6%、28.3%、14.7%和8.2%；俄羅斯盧布對美元全年貶值17.3%，墨西哥比索對美元全年基本持平。第五部分全球主要經濟體相關經濟金融形勢39專欄十一更多國家出臺人民幣結算政策2018年1月，巴基斯坦央行宣布在七國集團國家貨幣之外，將人民幣納入貿易項下結算可使用的貨幣籃子，明確在中巴雙

119、邊貿易和投資活動中，公共和私人部門均可選擇使用人民幣，并將人民幣指定為唯一可進行遠期套期保值的避險貨幣。這一舉措促使當地銀行紛紛尋求啟動人民幣業務。2018年4月，人民銀行和尼日利亞央行簽署本幣互換協議，尼央行允許本國進口商在進口中國機械設備等商品時使用人民幣結算，并以購售形式定期向當地商業銀行提供人民幣流動性，滿足當地市場的人民幣資金需求。為此，尼央行專門制定了人民幣授權交易商交易規則，對人民幣使用的購售條件、支付方式、央行干預手段作了詳細規定。2018年8月，越南央行公布中越邊境貿易外匯管理指引并于10月正式實施。該指引明確中越邊貿可使用人民幣進行結算，試點范圍從原邊境線以內20公里擴大至

120、7個邊境省份，允許越南邊貿企業和個人開立人民幣賬戶，邊境銀行可開立人民幣同業賬戶開展貿易項下本幣結算業務。允許非邊境地區銀行授權邊境地區越南銀行代理邊貿人民幣結算。2019年1月，緬甸央行公布新的外匯政策，允許持有外匯交易業務牌照的銀行使用人民幣進行國際結算。外匯交易銀行可開立人民幣同業賬戶，貿易和投資項下人民幣匯款可通過銀行結匯成緬幣，客戶對外支付也可由銀行直接兌換人民幣匯出。2019年人民幣國際化報告40第六部分趨勢展望人民幣國際化是市場驅動和水到渠成的市場化過程。過去十年，人民幣國際化的功能主要體現在國際支付和結算方面，今后的方向將是使人民幣成為可自由使用貨幣。一是堅持市場驅動。不斷消除

121、限制人民幣使用的障礙，探索推進更高水平的貿易投資便利化試點。二是繼續推動國內金融市場雙向開放，進一步便利境外投資者使用人民幣投資境內債券和股票。三是引導離岸人民幣市場健康發展。提升人民幣可自由使用水平，促進離岸與在岸市場良性互動、深度整合。四是完善宏觀審慎管理。做好逆周期調節，防范跨境資金流動風險。一、人民幣支付貨幣功能將繼續增強隨著中國涉外貿易投資規模的持續擴大，人民幣跨境使用政策實現全覆蓋，各項改革不斷推進，將有更多的市場主體接受以人民幣進行支付結算?！耙粠б宦贰背h逐步落地，將帶動沿線國家使用人民幣繼續穩步增長；隨著人民幣在更多國家使用障礙的逐步消除，跨境人民幣結算有望繼續穩定增長；自貿

122、區、粵港澳大灣區將成為使用人民幣跨境支付新的增長點。二、人民幣投融資貨幣功能將不斷深化隨著中國金融市場雙向開放的廣度和深度不斷拓展，“滬深港通”“債券通”等投資國內金融市場渠道的不斷完善，粵港澳大灣區金融市場互聯互通的有序推進，以及中國債券納入全球重要指數，境外主體參與境內金融市場交易有望繼續快速增長。三、人民幣儲備貨幣功能將繼續實現人民幣加入SDR后，人民幣國際地位不斷提升。中國對外貨幣合作持續加深，境外央行類機構投資中國金融市場渠道繼續拓寬，人民銀行和境內金融機構代理服務能力不斷增強，各國央行和貨幣當局持有人民幣儲備資產的意愿有望明顯上升。第六部分趨勢展望41四、人民幣計價貨幣功能將有更多

123、發展人民幣在政府涉外統計、核算、管理中的計價職能進一步增強，石油、鐵礦石等大宗產品交易以境內期貨價格作為定價基準初步顯現，發展成熟的期貨市場陸續引入境外交易者，人民幣的計價貨幣功能有望進一步增強。五、繼續推動雙邊貨幣合作 人民銀行將繼續穩步推進與全球其他央行或貨幣當局的貨幣合作，優化貨幣合作框架，推動全球主流金融機構更多提供人民幣產品和服務，并繼續發揮雙邊貨幣合作在便利雙邊貿易和投資、維護金融穩定方面的積極作用。專欄十二年度人民幣國際使用市場調查2018年，中國銀行對使用人民幣的主要國家和地區的3 274家境內外工商企業和94家金融機構進行了市場調查，調查主要結論包括：一是境內外主體繼續保持對

124、人民幣國際使用的積極預期。約77%的境內外受訪企業預期，人民幣的國際貨幣地位將接近美元、歐元、日元、英鎊等國際貨幣，這一比例較2017年微升1個百分點。其中，50%的境內外受訪企業認為人民幣將成為與美元、歐元比肩的國際貨幣，這一比例也達到了歷史新高。超過三成的受訪境外金融機構認為，人民幣的國際貨幣地位將接近日元和英鎊，超過三成的受訪境外金融機構預期人民幣的國際地位接近美元和歐元，對人民幣國際地位持樂觀預期的受訪境外金融機構合計超過六成。二是境外金融機構已逐漸將自身的人民幣服務從跨境結算、清算、即期兌換等基礎產品，擴展到人民幣貸款、債券投資、衍生品等領域。調查結果顯示，45%的受訪境外金融機構能

125、夠提供3項或以上的跨境人民幣產品或服務，這一比例較2017年的調查結果提升了12個百分點。三是七成以上受訪境內企業反饋，其境外交易對手能夠接受人民幣計價結算的合同。調研結果顯示，18%的受訪境內企業反映，即使面臨匯率波動，境內企業仍能說服交易對手堅持以人民幣作為計價貨幣，這一比例近三年基本保持穩定。境內受訪企業反饋，境內企業議價能力不足、境外人民幣來源不足以及人民幣投資渠道相對有限，是制約當前人民幣計價功能實現的主要因素。2019年人民幣國際化報告42圖6-2境外金融機構對人民幣國際地位的預期數據來源：中國人民銀行。圖6-1境內外企業對人民幣國際地位的預期接近英鎊和日元接近美元和歐元%9080

126、706050403020100201320142015201620172018312941234429423047295027數據來源：中國人民銀行。接近美元和歐元接近英鎊和日元不及英鎊和日元不好評估34%21%12%33%第六部分趨勢展望43圖6-4境內企業的境外交易對手對人民幣接受情況%454035302520151050順利接受協商可接受未關注不接受3440817數據來源：中國人民銀行。圖6-3境外金融機構可提供人民幣產品和服務的種類20172018%504030201004324201515631022341 項2 項3 項4 項5 項6 項及以上數據來源：中國人民銀行。522019年

127、人民幣國際化報告44圖6-5面臨匯率波動時境內企業堅持人民幣計價的比例%201816141210864202013201420152016201720181918181632數據來源：中國人民銀行。圖6-6考慮將人民幣作為融資貨幣的境外企業和金融機構占比20172018%8070605040302010073766162境外企業境外金融機構數據來源：中國人民銀行。第六部分趨勢展望45四是當面臨市場形勢變化難以獲得美元等主要國際貨幣融資時，76%的受訪境外企業、62%的受訪境外金融機構表示愿意考慮將人民幣作為融資貨幣，上述比例均較2017年的調查結果有所提升。五是境外金融機構相較企業配置人民幣資

128、產意愿更高。調查結果顯示，約77%的受訪境外企業將取得的人民幣收入兌換為本國貨幣，約14%的受訪境外企業以存款的形式繼續持有人民幣，用于貿易支付等用途，另有9%的受訪境外企業投資人民幣計價的債券或股票等產品。調查結果顯示，約有43%的受訪境外金融機構考慮增加人民幣資產配置，這一比例較2017年提升了5個百分點。在計劃增持人民幣資產的金融機構中，約有69%的受訪金融機構表示將投資人民幣債券資產，這一比例較2017年的調查結果提升了9個百分點。從債券投資的類型來看，約75%的受訪境外金融機構計劃增持中國國債。與美歐日等發達國家相比，中國國債不僅具有安全性好、流動性高等特點，且收益水平更具吸引力，成

129、為境外金融機構投資境內債券市場的首選。從債券的期限結構來看，受訪境外金融機構更偏好期限在3年期以下的短期債券。計劃投資期限為1年以內、13年期的受訪對象占比均為28%；而計劃投資期限為35年期、5年期以上的中長期投資者占比僅分別為14%和7%。圖6-7境外企業獲得人民幣收入后的交易行為20172018%90807060504030201007713108212578149兌換成本幣持有人民幣存款投資人民幣產品數據來源：中國人民銀行。20162019年人民幣國際化報告46圖6-8境外金融機構計劃增持各類人民幣金融資產的占比20172018%8070605040302010029112656069

130、其他類型資產債券資產股票和權益類資產數據來源：中國人民銀行。圖6-9境外金融機構對人民幣債券類型的投資偏好%80706050403020100企業債金融債未限定債券類型國債752140數據來源：中國人民銀行。第六部分趨勢展望47圖6-10境外金融機構對人民幣債券期限的投資偏好%3025201510501 3 年3 5 年5 年以上未限定債券期限1 年以內282814723數據來源：中國人民銀行。2019年人民幣國際化報告48第七部分人民幣國際化大事記2009年1月20日，中國人民銀行與香港金融管理局簽署了規模為2 000億元人民幣/2 270億港元的雙邊本幣互換協議。2月8日，中國人民銀行與馬

131、來西亞國家銀行簽署了規模為800億元人民幣/400億林吉特的雙邊本幣互換協議。3月11日，中國人民銀行與白俄羅斯共和國國家銀行簽署了規模為200億元人民幣/8萬億白俄羅斯盧布的雙邊本幣互換協議。3月23日，中國人民銀行與印度尼西亞銀行簽署了規模為1 000億元人民幣/175萬億印度尼西亞盧比的雙邊本幣互換協議。4月2日，中國人民銀行與阿根廷中央銀行簽署了規模為700億元人民幣/380億阿根廷比索的雙邊本幣互換協議。4月20日，中國人民銀行與韓國銀行簽署了規模為1 800億元人民幣/38萬億韓圓的雙邊本幣互換協議。6月29日，中國人民銀行與香港金融管理局就內地與香港跨境貿易人民幣結算試點業務簽訂

132、補充合作備忘錄 (三) 。月日，中國人民銀行、財政部、商務部、海關總署、國家稅務總局和中國銀行業監督管理委員會聯合發布跨境貿易人民幣結算試點管理辦法（中國人民銀行 財政部 商務部 海關總署 國家稅務總局 中國銀行業監督管理委員會公告2009第10號）。月日，中國人民銀行與中國銀行（香港）有限公司簽署了修訂后的香港人民幣業務清算協議，配合跨境貿易人民幣結算試點工作的開展。月日，為貫徹落實跨境貿易人民幣結算試點管理辦法，中國人民銀行發布跨境貿易人民幣結算試點管理辦法實施細則（銀發2009212號）。7月6日，上海市辦理第一筆跨境貿易人民幣結算業務；人民幣跨境收付信息管理系統（RCPMIS）正式上線

133、運行。7月7日，廣東省4個城市啟動跨境貿易人民幣結算試點工作。第七部分人民幣國際化大事記497月14日，中國人民銀行、財政部、商務部、海關總署、國家稅務總局、中國銀行業監督管理委員會聯合向上海市和廣東省政府發布了關于同意跨境貿易人民幣結算試點企業名單的函（銀辦函2009472號），第一批試點企業正式獲批開展出口貨物貿易人民幣結算業務，共計365家。9月10日，中國人民銀行和國家稅務總局簽署跨境貿易人民幣結算試點信息傳輸備忘錄。9月15日，財政部首次在香港發行人民幣國債，債券金額共計60億元人民幣。12月22日，中國人民銀行發布跨境貿易人民幣結算試點相關政策問題解答。2010年2月11日，香港金

134、融管理局發布香港人民幣業務的監管原則及操作安排的詮釋。3月8日，中國人民銀行發布人民幣跨境收付信息管理系統管理暫行辦法（銀發201079號）。3月19日，中國人民銀行和海關總署簽署關于跨境貿易以人民幣結算協調工作合作備忘錄。3月24日，中國人民銀行與白俄羅斯共和國國家銀行簽署了中白雙邊本幣結算協議。6月9日，中國人民銀行與冰島中央銀行簽署了規模為35億元人民幣/660億冰島克朗的雙邊本幣互換協議。6月17日，中國人民銀行、財政部、商務部、海關總署、國家稅務總局和中國銀行業監督管理委員會聯合發布關于擴大跨境貿易人民幣結算試點有關問題的通知（銀發2010186號），擴大跨境貿易人民幣結算試點范圍。

135、7月19日，中國人民銀行與香港金融管理局在香港簽署補充合作備忘錄（四），與中國銀行（香港）有限公司簽署修改后的關于人民幣業務的清算協議。7月23日，中國人民銀行與新加坡金融管理局簽署了規模為1 500億元人民幣/300億新加坡元的雙邊本幣互換協議。8月17日，中國人民銀行發布關于境外人民幣清算行等三類機構運用人民幣投資銀行間債券市場試點有關事宜的通知（銀發2010217號）。2019年人民幣國際化報告508月19日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民幣對馬來西亞林吉特的交易方式，發展人民幣對馬來西亞林吉特直接交易。8月31日，中國人民銀行發布境外機構人民幣銀行結算賬戶

136、管理辦法（銀發2010249號）。11月22日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民幣對俄羅斯盧布的交易方式，發展人民幣對俄羅斯盧布直接交易。2011年1月6日，中國人民銀行發布境外直接投資人民幣結算試點管理辦法（中國人民銀行公告2011第1號），允許跨境貿易人民幣結算試點地區的銀行和企業開展境外直接投資人民幣結算試點，銀行可以按照有關規定向境內機構在境外投資的企業或項目發放人民幣貸款。4月18日，中國人民銀行與新西蘭儲備銀行簽署了規模為250億元人民幣/50億新西蘭元的雙邊本幣互換協議。4月19日，中國人民銀行與烏茲別克斯坦共和國中央銀行簽署了規模為7億元人民幣/1

137、670億烏茲別克斯坦蘇姆的雙邊本幣互換協議。5月6日，中國人民銀行與蒙古銀行簽署了規模為50億元人民幣/1萬億蒙古圖格里克的雙邊本幣互換協議。6月3日，中國人民銀行發布關于明確跨境人民幣業務相關問題的通知（銀發2011145號）。6月9日，昆明富滇銀行與老撾大眾銀行共同推出人民幣與老撾基普的掛牌匯率。6月13日，中國人民銀行與哈薩克斯坦國家銀行簽署了規模為70億元人民幣/1 500億堅戈的雙邊本幣互換協議。6月23日，中國人民銀行與俄羅斯聯邦中央銀行簽訂了新的雙邊本幣結算協定，規定兩國經濟活動主體可自行決定用自由兌換貨幣、人民幣和盧布進行商品和服務的結算與支付。6月28日，中國工商銀行廣西分行

138、和中國銀行新疆分行相繼推出人民幣兌越南盾、哈薩克斯坦堅戈掛牌交易。6月30日，交通銀行青島分行、韓國企業銀行青島分行推出人民幣對韓圓的柜臺掛牌交易。第七部分人民幣國際化大事記517月27日，中國人民銀行、財政部、商務部、海關總署、國家稅務總局、中國銀行業監督管理委員會發布關于擴大跨境貿易人民幣結算地區的通知（銀發2011203號），明確將跨境貿易人民幣結算境內地域范圍擴大至全國。10月13日，中國人民銀行發布外商直接投資人民幣結算業務管理辦法（中國人民銀行公告2011第23號）。10月24日，中國人民銀行發布關于境內銀行業金融機構境外項目人民幣貸款的指導意見（銀發2011255號）。10月26

139、日，中國人民銀行與韓國銀行續簽雙邊本幣互換協議，互換規模由原來的1 800億元人民幣/38萬億韓圓擴大至3 600億元人民幣/64萬億韓圓。11月4日，根據中國人民銀行公告2003第16號確定的選擇香港人民幣業務業務清算行的原則和標準，中國人民銀行授權中國銀行（香港）有限公司繼續擔任香港人民幣業務清算行（中國人民銀行公告2011第25號）。11月22日，中國人民銀行與香港金融管理局續簽雙邊本幣互換協議，互換規模由原來的2 000億元人民幣/2 270億港元擴大至4 000億元人民幣/4 900億港元。12月16日，中國證券監督管理委員會、中國人民銀行、國家外匯管理局聯合發布基金管理公司、證券公

140、司人民幣合格境外機構投資者境內證券投資試點辦法（證監會令第76號）。12月22日，中國人民銀行與泰國銀行簽署了中泰雙邊本幣互換協議，互換規模為700億元人民幣/3 200億泰銖。12月23日，中國人民銀行與巴基斯坦國家銀行簽署了中巴雙邊本幣互換協議，互換規模為100億元人民幣/1 400億盧比的雙邊本幣互換協議。12月29日，人民幣對泰銖銀行間市場區域交易在云南省成功推出，這是我國首例人民幣對非主要國際儲備貨幣在銀行間市場的區域交易。12月31日，中國人民銀行發布關于實施基金管理公司、證券公司人民幣合格境外機構投資者境內證券投資試點辦法有關事項的通知（銀發2011321號）。2019年人民幣國

141、際化報告522012年1月17日，中國人民銀行與阿聯酋中央銀行在迪拜簽署了規模為350億元人民幣/200億迪拉姆的雙邊本幣互換協議。2月6日，中國人民銀行、財政部、商務部、海關總署、國家稅務總局和中國銀行業監督管理委員會聯合發布關于出口貨物貿易人民幣結算企業管理有關問題的通知（銀發201223號）。2月8日，中國人民銀行與馬來西亞國家銀行續簽了中馬雙邊本幣互換協議，互換規模由原來的800億元人民幣/400億林吉特擴大至1 800億元人民幣/900億林吉特。2月21日，中國人民銀行與土耳其中央銀行簽署了規模為100億元人民幣/30億土耳其里拉的雙邊本幣互換協議。3月20日，中國人民銀行與蒙古銀行

142、簽署了中蒙雙邊本幣互換補充協議，互換規模由原來的50億元人民幣/1萬億圖格里克擴大至100億元人民幣/2萬億圖格里克。3月22日，中國人民銀行與澳大利亞儲備銀行簽署了規模為2 000億元人民幣/300億澳大利亞元的雙邊本幣互換協議。4月3日，經國務院批準，香港地區人民幣合格境外機構投資者（RQFII）試點額度擴大500億元人民幣。6月1日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民幣對日元的交易方式，發展人民幣對日元直接交易。6月26日，中國人民銀行與烏克蘭國家銀行簽署了規模為150億元人民幣/190億格里夫納的雙邊本幣互換協議。6月29日，中國人民銀行發布關于明確外商直接投

143、資人民幣結算業務操作細則的通知（銀發2012165號）。7月31日，中國人民銀行發布境外機構人民幣銀行結算賬戶開立和使用有關問題的通知（銀發2012183號）。8月31日，中國人民銀行與臺灣方面貨幣管理機構簽署海峽兩岸貨幣清算合作備忘錄。9月24日，中國人民銀行與中國銀行澳門分行續簽關于人民幣業務的清算協議。第七部分人民幣國際化大事記5311月13日，經國務院批準，香港地區人民幣合格境外機構投資者（RQFII）試點額度擴大2 000億元人民幣。12月11日，中國人民銀行授權中國銀行臺北分行擔任臺灣人民幣業務清算行。2013年1月25日，中國人民銀行與中國銀行臺北分行簽訂關于人民幣業務的清算協議

144、。2月8日，中國人民銀行授權中國工商銀行新加坡分行擔任新加坡人民幣業務清算行，并于4月與其簽訂關于人民幣業務的清算協議。3月1日，中國證券監督管理委員會、中國人民銀行、國家外匯管理局聯合發布人民幣合格境外機構投資者境內證券投資試點辦法（證監會令第90號）。3月7日，中國人民銀行與新加坡金融管理局續簽了規模為3 000億元人民幣/600億新加坡元的雙邊本幣互換協議。3月13日，中國人民銀行發布關于合格境外機構投資者投資銀行間債券市場有關事項的通知（銀發201369號）。3月26日，中國人民銀行與巴西中央銀行簽署了規模為1 900億元人民幣/600億巴西雷亞爾的雙邊本幣互換協議。4月10日，經中國

145、人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民幣對澳元的交易方式，發展人民幣對澳元直接交易。4月25日，中國人民銀行發布關于實施人民幣合格境外機構投資者境內證券投資試點辦法有關事項的通知（銀發2013105號）。6月21日，兩岸簽署海峽兩岸服務貿易協議，允許臺資金融機構以人民幣合格境外機構投資者（RQFII）方式投資大陸資本市場，投資額度考慮按1 000億元掌握。6月22日，中國人民銀行與英格蘭銀行簽署了規模為2 000億元人民幣/200億英鎊的雙邊本幣互換協議。7月9日，中國人民銀行發布關于簡化跨境人民幣業務流程和完善有關政策的通知（銀發2013168號）。8月23日，中國人民銀行辦

146、公廳發布關于優化人民幣跨境收付信息管理系統信息報送流程的通知（銀辦發2013188號）。2019年人民幣國際化報告549月9日，中國人民銀行與匈牙利中央銀行簽署了規模為100億元人民幣/3 750億匈牙利福林的雙邊本幣互換協議。9月11日，中國人民銀行與冰島中央銀行續簽了規模為35億元人民幣/660億冰島克朗的雙邊本幣互換協議。9月12日，中國人民銀行與阿爾巴尼亞銀行簽署了規模為20億元人民幣/358億阿爾巴尼亞列克的雙邊本幣互換協議。9月23日，中國人民銀行發布關于境外投資者投資境內金融機構人民幣結算有關事項的通知（銀發2013225號）。10月1日，中國人民銀行與印度尼西亞銀行續簽了規模為

147、1 000億元人民幣/175萬億印度尼西亞盧比的雙邊本幣互換協議。10月8日，中國人民銀行與歐洲中央銀行簽署了規模為3 500億元人民幣/450億歐元的雙邊本幣互換協議。10月15日，第五次中英經濟財金對話宣布給予英國800億元人民幣合格境外機構投資者（RQFII）額度。10月22日，中新雙邊合作聯合委員會第十次會議宣布給予新加坡500億元人民幣合格境外機構投資者（RQFII）額度。12月31日，中國人民銀行發布關于調整人民幣購售業務管理的通知（銀發2013321號）。2014年3月14日，中國人民銀行、財政部、商務部、海關總署、國家稅務總局和中國銀行業監督管理委員會聯合發布關于簡化出口貨物貿

148、易人民幣結算企業管理有關事項的通知（銀發201480號）。3月19日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民幣對新西蘭元的交易方式，發展人民幣對新西蘭元的直接交易。3月26日，中法聯合聲明宣布給予法國800億元人民幣合格境外機構投資者（RQFII）額度。3月28日，中國人民銀行與德意志聯邦銀行簽署了在法蘭克福建立人民幣清算安排的合作備忘錄。3月31日，中國人民銀行與英格蘭銀行簽署了在倫敦建立人民幣清算安排的合作備忘錄。第七部分人民幣國際化大事記554月25日，中國人民銀行與新西蘭中央銀行續簽了規模為250億元人民幣/50億新西蘭元的雙邊本幣互換協議。6月11日，中國人民銀

149、行發布關于貫徹落實國務院辦公廳關于支持外貿穩定增長的若干意見的指導意見（銀發2014168號）。6月17日，中國人民銀行授權中國建設銀行（倫敦）有限公司擔任倫敦人民幣業務清算行。6月18日，中國人民銀行授權中國銀行法蘭克福分行擔任法蘭克福人民幣業務清算行。6月19日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民幣對英鎊的交易方式，發展人民幣對英鎊的直接交易。6月28日，中國人民銀行與法蘭西銀行簽署了在巴黎建立人民幣清算安排的合作備忘錄，與盧森堡中央銀行簽署了在盧森堡建立人民幣清算安排的合作備忘錄。7月3日，中國人民銀行與韓國銀行簽署了在首爾建立人民幣清算安排的合作備忘錄，給予韓

150、國800億元人民幣合格境外機構投資者（RQFII）額度；4日，授權交通銀行首爾分行擔任首爾人民幣業務清算行。7月7日，在德國總理默克爾來華訪問期間，李克強總理宣布給予德國800億元人民幣合格境外機構投資者（RQFII）額度。7月18日，中國人民銀行與阿根廷中央銀行續簽了規模為700億元人民幣/900億阿根廷比索的雙邊本幣互換協議。7月21日，中國人民銀行與瑞士國家銀行簽署了規模為1 500億元人民幣/210億瑞士法郎的雙邊本幣互換協議。8月21日，中國人民銀行與蒙古銀行續簽了規模為150億元人民幣/4.5萬億蒙古圖格里克的雙邊本幣互換協議。9月5日，中國人民銀行授權中國銀行巴黎分行擔任巴黎人民

151、幣業務清算行，授權中國工商銀行盧森堡分行擔任盧森堡人民幣業務清算行。9月16日，中國人民銀行與斯里蘭卡中央銀行簽署了規模為100億元人民幣/2 250億斯里蘭卡盧比的雙邊本幣互換協議。9月28日，中國人民銀行辦公廳發布關于境外機構在境內發行人民幣債務融資工具跨境人民幣結算有關事宜的通知（銀辦發2014221號）。9月30日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民幣對歐元的交易方式，發展人民幣對歐元的直接交易。2019年人民幣國際化報告5610月11日，中國人民銀行與韓國銀行續簽了規模為3 600億元人民幣/64萬億韓圓的雙邊本幣互換協議。10月13日，中國人民銀行與俄羅斯

152、聯邦中央銀行簽署了規模為1 500億元人民幣/8 150億盧布的雙邊本幣互換協議。11月1日，中國人民銀行發布關于跨國企業集團開展跨境人民幣資金集中運營業務有關事宜的通知（銀發2014324號）。11月3日，中國人民銀行與卡塔爾中央銀行簽署了在多哈建立人民幣清算安排的合作備忘錄，簽署了規模為350億元人民幣/208億里亞爾的雙邊本幣互換協議，給予卡塔爾300億元人民幣合格境外機構投資者（RQFII）額度；4日，授權中國工商銀行多哈分行擔任多哈人民幣業務清算行。11月4日，中國人民銀行、中國證券監督管理委員會聯合發布關于滬港股票市場交易互聯互通機制試點有關問題的通知（銀發2014336號）。11

153、月5日，中國人民銀行發布關于人民幣合格境內機構投資者境外證券投資有關事項的通知（銀發2014331號）。11月8日，中國人民銀行與加拿大銀行簽署了在加拿大建立人民幣清算安排的合作備忘錄，簽署了規模為2 000億元人民幣/300億加元的雙邊本幣互換協議，并給予加拿大500億元人民幣合格境外機構投資者（RQFII）額度；9日，授權中國工商銀行（加拿大）有限公司擔任多倫多人民幣業務清算行。11月10日，中國人民銀行與馬來西亞國家銀行簽署了在吉隆坡建立人民幣清算安排的合作備忘錄。11月17日，中國人民銀行與澳大利亞儲備銀行簽署了在澳大利亞建立人民幣清算安排的合作備忘錄，給予澳大利亞500億元人民幣合格

154、境外機構投資者（RQFII）額度；18日，授權中國銀行悉尼分行擔任悉尼人民幣業務清算行。11月22日，中國人民銀行與香港金融管理局續簽了規模為4 000億元人民幣/5 050億港元的貨幣互換協議。12月14日，中國人民銀行與哈薩克斯坦國家銀行續簽了規模為70億元人民幣/2 000億哈薩克堅戈的雙邊本幣互換協議；15日，經中國人民銀行批準，中國外匯交易中心正式推出人民幣對哈薩克斯坦堅戈銀行間區域交易。12月22日，中國人民銀行與泰國銀行簽署了在泰國建立人民幣清算安排的合作備忘錄，并續簽了規模為700億元人民幣/3 700億泰銖的雙邊本幣互換協議。第七部分人民幣國際化大事記5712月23日，中國人

155、民銀行與巴基斯坦國家銀行續簽了規模為100億元人民幣/1 650億巴基斯坦盧比的雙邊本幣互換協議。2015年1月5日，中國人民銀行授權中國銀行（馬來西亞）有限公司擔任吉隆坡人民幣業務清算行，授權中國工商銀行（泰國）有限公司擔任曼谷人民幣業務清算行。1月21日，中國人民銀行與瑞士國家銀行簽署合作備忘錄，就在瑞士建立人民幣清算安排有關事宜達成一致。給予瑞士500億元人民幣合格境外機構投資者（RQFII）額度。3月18日，中國人民銀行與蘇里南中央銀行簽署了規模為10億元人民幣/5.2億蘇里南元的雙邊本幣互換協議。3月25日，中國人民銀行與亞美尼亞中央銀行簽署了規模為10億元人民幣/770億亞美尼亞德

156、拉姆的雙邊本幣互換協議。3月30日，中國人民銀行與澳大利亞儲備銀行續簽了規模為2 000億元人民幣/400億澳大利亞元的雙邊本幣互換協議。4月10日，中國人民銀行與南非儲備銀行簽署了規模為300億元人民幣/540億南非蘭特的雙邊本幣互換協議。4月17日，中國人民銀行與馬來西亞國家銀行續簽了規模為1 800億元人民幣/900億馬來西亞林吉特的雙邊本幣互換協議。4月29日，人民幣合格境外機構投資者（RQFII）試點地區擴大至盧森堡，初始投資額度為500億元人民幣。5月10日，中國人民銀行與白俄羅斯共和國國家銀行續簽了規模為70億元人民幣/16萬億白俄羅斯盧布的雙邊本幣互換協議。5月15日，中國人民

157、銀行與烏克蘭國家銀行續簽了規模為150億元人民幣/540億烏克蘭格里夫納的雙邊本幣互換協議。5月25日，中國人民銀行與智利中央銀行簽署了在智利建立人民幣清算安排的合作備忘錄，并簽署了規模為220億元人民幣/2.2萬億智利比索的雙邊本幣互換協議。給予智利500億元人民幣合格境外機構投資者（RQFII）額度。同日，授權中國建設銀行智利分行擔任智利人民幣業務清算行。2019年人民幣國際化報告586月1日，中國人民銀行發布關于境外人民幣業務清算行、境外參加銀行開展銀行間債券市場債券回購交易的通知（銀發2015170號）。6月11日，中國人民銀行發布人民幣國際化報告（2015）。6月27日，中國人民銀行

158、與匈牙利中央銀行簽署了在匈牙利建立人民幣清算安排的合作備忘錄和中國人民銀行代理匈牙利中央銀行投資中國銀行間債券市場的代理投資協議。給予匈牙利500億元人民幣合格境外機構投資者（RQFII）額度；28日，授權中國銀行匈牙利分行擔任匈牙利人民幣業務清算行。7月7日，中國人民銀行與南非儲備銀行簽署了在南非建立人民幣清算安排的合作備忘錄；8日，授權中國銀行約翰內斯堡分行擔任南非人民幣業務清算行。7月14日，中國人民銀行印發關于境外央行、國際金融組織、主權財富基金運用人民幣投資銀行間市場有關事宜的通知（銀發2015220號），對境外央行類機構簡化了入市流程，取消了額度限制，允許其自主選擇中國人民銀行或銀

159、行間市場結算代理人為其代理交易結算，并拓寬其可投資品種。7月24日，發布中國人民銀行公告2015第19號，明確境內原油期貨以人民幣為計價貨幣，引入境外交易者和境外經紀機構參與交易等。8月11日，中國人民銀行發布關于完善人民幣兌美元匯率中間價報價的聲明。自2015年8月11日起，做市商在每日銀行間外匯市場開盤前，參考上日銀行間外匯市場的收盤匯率，綜合考慮外匯供求情況以及國際主要貨幣匯率變化向中國外匯交易中心提供中間價報價。9月3日，中國人民銀行與塔吉克斯坦中央銀行簽署了規模為30億元人民幣/30億索摩尼的雙邊本幣互換協議。9月7日，中國人民銀行印發關于進一步便利跨國企業集團開展跨境雙向人民幣資金

160、池業務的通知（銀發2015279號）。9月17日，中國人民銀行與阿根廷中央銀行簽署了在阿根廷建立人民幣清算安排的合作備忘錄；18日，授權中國工商銀行（阿根廷）股份有限公司擔任阿根廷人民幣業務清算行。9月21日，中國人民銀行批復同意香港上海匯豐銀行有限公司和中國銀行（香港）有限公司在銀行間債券市場發行金融債券，這是國際性商業銀行首次獲準在銀行間債券市場發行人民幣債券。9月26日，中國人民銀行與土耳其中央銀行續簽了規模為120億元人民幣/50億土耳其里拉的雙邊本幣互換協議。9月27日，中國人民銀行與格魯吉亞國家銀行簽署了雙邊本幣互換框架協議。第七部分人民幣國際化大事記599月29日，中國人民銀行與

161、贊比亞中央銀行簽署了在贊比亞建立人民幣清算安排的合作備忘錄；30日，授權贊比亞中國銀行擔任贊比亞人民幣業務清算行。9月29日，中國人民銀行與吉爾吉斯共和國國家銀行簽署了加強合作的意向協議。9月30日，發布中國人民銀行公告2015第31號，開放境外央行（貨幣當局）和其他官方儲備管理機構、國際金融組織、主權財富基金依法合規參與中國銀行間外匯市場。10月8日，人民幣跨境支付系統（一期）成功上線運行。10月20日，中國人民銀行在倫敦采用簿記建檔方式成功發行了50億元人民幣央行票據，期限1年，票面利率3.1%。這是中國人民銀行首次在中國以外地區發行以人民幣計價的央行票據。10月20日，中國人民銀行與英格

162、蘭銀行續簽了規模為3 500億元人民幣/350億英鎊的雙邊本幣互換協議。11月2日，為滿足境外中央銀行、貨幣當局、其他官方儲備管理機構、國際金融組織以及主權財富基金在境內開展相關業務的實際需要，中國人民銀行辦公廳發布關于境外中央銀行類機構在境內銀行業金融機構開立人民幣銀行結算賬戶有關事項的通知（銀辦發2015227號）。11月6日，中國人民銀行、國家外匯管理局發布內地與香港證券投資基金跨境發行銷售資金管理操作指引（中國人民銀行，國家外匯管理局公告2015第36號）。11月9日，經中國人民銀行授權，中國外匯交易中心宣布在銀行間外匯市場開展人民幣對瑞士法郎直接交易。11月18日，中歐國際交易所股份

163、有限公司舉行成立儀式，并掛牌首批人民幣計價和結算的證券現貨產品。11月23日，人民幣合格境外機構投資者（RQFII）試點地區擴大至馬來西亞，投資額度為500億元人民幣。11月25日，首批境外央行類機構在中國外匯交易中心完成備案，正式進入中國銀行間外匯市場。11月27日，中國銀行間市場交易商協會接受加拿大不列顛哥倫比亞省在中國銀行間債券市場發行60億元人民幣主權債券的注冊。11月30日，國際貨幣基金組織執董會決定將人民幣納入特別提款權（SDR）貨幣籃子，SDR貨幣籃子相應擴大至美元、歐元、人民幣、日元、英鎊5種貨幣，2019年人民幣國際化報告60人民幣在SDR貨幣籃子中的權重為10.92%，新的

164、SDR貨幣籃子將于2016年10月1日生效。同日，中國人民銀行授權中國建設銀行蘇黎世分行擔任瑞士人民幣業務清算行。12月7日，中國銀行間市場交易商協會接受韓國政府在中國銀行間債券市場發行30億元人民幣主權債券的注冊。12月14日，中國人民銀行與阿聯酋中央銀行續簽了規模為350億元人民幣/200億阿聯酋迪拉姆的雙邊本幣互換協議。同日，雙方簽署了在阿聯酋建立人民幣清算安排的合作備忘錄，并同意將人民幣合格境外機構投資者（RQFII）試點地區擴大至阿聯酋，投資額度為500億元人民幣。12月17日，人民幣合格境外機構投資者（RQFII）試點地區擴大至泰國，投資額度為500億元人民幣。2016年1月20日

165、，中國人民銀行辦公廳印發關于調整境外機構人民幣銀行結算賬戶資金使用有關事宜的通知（銀辦發201615號）。1月22日，中國人民銀行印發關于擴大全口徑跨境融資宏觀審慎管理試點的通知（銀發201618號）。2月24日，中國人民銀行發布2016年第3號公告，便利符合條件的境外機構投資者投資銀行間債券市場（中國人民銀行公告2016第3號）。3月7日，中國人民銀行與新加坡金管局續簽雙邊本幣互換協議，協議規模為3 000億元人民幣/640億新加坡元，有效期為3年。4月29日，中國人民銀行印發關于在全國范圍內實施全口徑跨境融資宏觀審慎管理的通知（銀發2016132號）。5月11日，中國人民銀行與摩洛哥中央銀

166、行簽署雙邊本幣互換協議，協議規模為100億元人民幣/150億迪拉姆，有效期為3年。6月7日，中國人民銀行與美國聯邦儲備委員會簽署了在美國建立人民幣清算安排的合作備忘錄，并給予美國2 500億元人民幣合格境外機構投資者（RQFII）額度。6月17日，中國人民銀行與塞爾維亞中央銀行簽署雙邊本幣互換協議，協議規模為15億元人民幣/270億塞爾維亞第納爾，有效期為3年。6月20日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人第七部分人民幣國際化大事記61民幣對南非蘭特的交易方式，發展人民幣對南非蘭特直接交易。6月25日，中國人民銀行與俄羅斯中央銀行簽署了在俄羅斯建立人民幣清算安排的合作備

167、忘錄。6月27日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民幣對韓圓的交易方式，發展人民幣對韓圓直接交易。7月11日，中國銀行（香港）有限公司以直接參與者身份接入人民幣跨境支付系統（CIPS），這是CIPS的首家境外直接參與者；同日，中信銀行、上海銀行、廣東發展銀行、江蘇銀行、三菱東京日聯銀行（中國）有限公司、瑞穗銀行（中國）有限公司、恒生銀行（中國）有限公司等以直接參與者身份接入CIPS，CIPS直接參與者數量增加至27家。8月10日，中國人民銀行辦公廳印發關于波蘭共和國在銀行間債券市場發行人民幣債券有關事項的批復，同意受理波蘭共和國在銀行間債券市場發行人民幣債券的注冊申請

168、（銀辦函2016378號）。8月30日，中國人民銀行、國家外匯管理局聯合發布關于人民幣合格境外機構投資者境內證券投資管理有關問題的通知（銀發2016227號）。9月12日，中國人民銀行與匈牙利央行續簽雙邊本幣互換協議，協議規模為100億元人民幣/4 160億匈牙利福林，有效期為3年。9月20日，中國人民銀行發布2016年第23號公告，授權中國銀行紐約分行擔任美國人民幣業務清算行（中國人民銀行公告2016第23號）。9月23日，中國人民銀行發布2016年第24號公告，授權中國工商銀行（莫斯科）股份有限公司擔任俄羅斯人民幣業務清算行（中國人民銀行公告2016第24號）。9月26日，經中國人民銀行授

169、權，中國外匯交易中心開始在銀行間外匯市場開展人民幣對沙特里亞爾直接交易。9月26日，經中國人民銀行授權，中國外匯交易中心開始在銀行間外匯市場開展人民幣對阿聯酋迪拉姆直接交易。9月27日，中國人民銀行與歐洲中央銀行簽署補充協議，決定將雙邊本幣互換協議有效期延長三年至2019年10月8日?；Q規模仍為3 500億元人民幣/450億歐元。2019年人民幣國際化報告6211月4日，中國人民銀行、中國證券監督管理委員會聯合發布關于內地與香港股票市場交易互聯互通機制有關問題的通知（銀發2016282號）。12月5日，正式啟動深港通。11月14日，經中國人民銀行授權，中國外匯交易中心在銀行間外匯市場完善人民

170、幣對加拿大元的交易方式，開展人民幣對加拿大元直接交易。11月29日，中國人民銀行印發中國人民銀行關于進一步明確境內企業境外放款業務有關事項的通知（銀發2016306號）。12月6日，中國人民銀行與埃及中央銀行簽署雙邊本幣互換協議，協議規模為180億元人民幣/470億埃及鎊，有效期為3年。12月9日，中國人民銀行發布2016年第30號公告，授權中國農業銀行迪拜分行擔任阿聯酋人民幣業務清算行（中國人民銀行公告2016第30號）。12月12日，經中國人民銀行授權，中國外匯交易中心開始在銀行間外匯市場開展人民幣對墨西哥比索直接交易。12月12日，經中國人民銀行授權，中國外匯交易中心開始在銀行間外匯市場

171、開展人民幣對土耳其里拉直接交易。12月12日，經中國人民銀行授權，中國外匯交易中心開始在銀行間外匯市場開展人民幣對波蘭茲羅提直接交易。12月12日，經中國人民銀行授權，中國外匯交易中心開始在銀行間外匯市場開展人民幣對丹麥克朗直接交易。12月12日，經中國人民銀行授權，中國外匯交易中心開始在銀行間外匯市場開展人民幣對匈牙利福林直接交易。12月12日，經中國人民銀行授權，中國外匯交易中心開始在銀行間外匯市場開展人民幣對挪威克朗直接交易。12月12日，經中國人民銀行授權，中國外匯交易中心開始在銀行間外匯市場開展人民幣對瑞典克朗直接交易。12月21日，中國人民銀行與冰島央行續簽雙邊本幣互換協議，協議規

172、模為35億元人民幣/660億冰島克朗，有效期為3年。12月26日，中國人民銀行辦公廳印發中國人民銀行辦公廳關于境外機構境內發行人民幣債券跨境人民幣結算業務有關事宜的通知（銀辦發2016258號）。第七部分人民幣國際化大事記632017年1月13日，中國人民銀行發布關于全口徑跨境融資宏觀審慎管理有關事宜的通知（銀發20179號）。3月20日，中國人民銀行與中國銀行紐約分行簽署關于人民幣業務的清算協議。3月20日，中國人民銀行與中國工商銀行（莫斯科）股份有限公司簽署關于人民幣業務的清算協議。3月20日，中國人民銀行與中國農業銀行迪拜分行簽署關于人民幣業務的清算協議。5月19日，中國人民銀行與新西蘭

173、央行續簽雙邊本幣互換協議，協議規模為250億元人民幣/50億新西蘭元，有效期為3年。5月23日，中國人民銀行發布關于印發人民幣跨境收付信息管理系統管理辦法的通知（銀發2017126號）。5月27日，中國人民銀行辦公廳發布關于完善人民幣跨境收付信息管理系統銀行間業務數據報送流程的通知（銀辦發2017118號）。6月29日，中國人民銀行與中國銀行（香港）有限公司續簽關于人民幣業務的清算協議。7月4日，經國務院批準，香港RQFII額度擴大至5 000億元人民幣。7月6日，中國人民銀行與蒙古國中央銀行續簽雙邊本幣互換協議，協議規模為150億元人民幣/5.4萬億蒙古國圖格里克，有效期為3年。7月18日，

174、中國人民銀行與阿根廷央行續簽雙邊本幣互換協議，規模為700億元人民幣/1 750億阿根廷比索，有效期為3年。7月21日，中國人民銀行與瑞士中央銀行續簽雙邊本幣互換協議，協議規模為1 500億元人民幣/210億瑞士法郎，有效期為3年。8月11日，經中國人民銀行授權，中國外匯交易中心開展人民幣對蒙古圖格里克銀行間市場區域交易。9月13日，經中國人民銀行授權，中國外匯交易中心開展人民幣對柬埔寨瑞爾銀行間市場區域交易。9月21日，中國人民銀行與中國銀行澳門分行續簽關于人民幣業務的清算協議。10月11日，中國人民銀行與韓國央行續簽雙邊本幣互換協議，協議規模為3 600億元人民幣/64萬億韓圓，有效期為3

175、年。2019年人民幣國際化報告6411月2日，中國人民銀行與卡塔爾央行續簽雙邊本幣互換協議，協議規模為350億元人民幣/208億里亞爾，有效期為3年。11月8日，中國人民銀行與加拿大央行續簽雙邊本幣互換協議，協議規模為2 000億元人民幣/300億加元，有效期為3年。11月22日，中國人民銀行與香港金管局續簽雙邊本幣互換協議，協議規模為4 000億元人民幣/4 700億港元，有效期為3年。11月22日，中國人民銀行與俄羅斯央行續簽雙邊本幣互換協議，協議規模為1 500億元人民幣/13 250億盧布，有效期為3年。12月22日，中國人民銀行與泰國央行續簽雙邊本幣互換協議，協議規模為700億元人民

176、幣/3 700億泰銖，有效期為3年。2018年1月4日，中國人民銀行與中國銀行臺北分行續簽關于人民幣業務的清算協議。1月5日，中國人民銀行印發關于進一步完善人民幣跨境業務政策促進貿易投資便利化的通知（銀發20183號），明確凡依法可使用外匯結算的跨境交易，企業都可以使用人民幣結算。1月5日，中國外匯交易中心發布關于境外銀行參與銀行間外匯市場區域交易有關事項的公告，同意符合條件的境外銀行參與銀行間外匯市場區域交易。2月9日，中國人民銀行授權美國摩根大通銀行擔任美國人民幣業務清算行。3月26日，人民幣跨境支付系統（CIPS）二期投產試運行。3月26日，以人民幣計價結算的原油期貨在上海國際能源交易中

177、心掛牌交易。3月30日，中國人民銀行與澳大利亞中央銀行續簽規模為2 000億元人民幣/400億澳大利亞元的雙邊本幣互換協議。4月3日，中國人民銀行與阿爾巴尼亞中央銀行續簽規模為20億元人民幣/342億阿爾巴尼亞列克的雙邊本幣互換協議。4月11日，中國人民銀行與南非中央銀行續簽規模為300億元人民幣/540億南非蘭特的雙邊本幣互換協議。4月20日，為進一步規范人民幣合格境內機構投資者境外證券投資活動，中國人民銀行辦公廳印發關于進一步明確人民幣合格境內機構投資者境外證券投資管理有關事項的通知（銀辦發201881號）。第七部分人民幣國際化大事記654月27日，中國人民銀行與尼日利亞中央銀行簽署規模為

178、150億元人民幣/7 200億奈拉的雙邊本幣互換協議。5月1日，將“滬股通”及“深股通”每日額度擴大4倍，北上每日額度從130億元調整為520億元，南下每日額度從105億元調整為420億元。5月2日，人民幣跨境支付系統（二期）全面投產，符合要求的直接參與者同步上線。5月4日，以人民幣計價的大連商品交易所鐵礦石期貨正式引入境外交易者。5月9日，人民幣合格境外機構投資者（RQFII）試點地區擴大至日本，投資額度為2 000億元。5月10日，中國人民銀行與白俄羅斯中央銀行續簽規模為70億元人民幣/22.2億白俄羅斯盧布的雙邊本幣互換協議。5月16日，為進一步完善跨境資金流動管理，推進金融市場開放，中

179、國人民銀行辦公廳印發關于進一步完善跨境資金流動管理支持金融市場開放有關事宜的通知（銀辦發201896號）。5月23日，中國人民銀行與巴基斯坦中央銀行續簽規模為200億元人民/3 510億巴基斯坦盧比的雙邊本幣互換協議。5月25日，中國人民銀行與智利中央銀行續簽規模為220億元人民幣/22 000億智利比索的雙邊本幣互換協議。5月28日，中國人民銀行與哈薩克斯坦中央銀行續簽規模為70億元人民幣/3 500億哈薩克斯坦堅戈的雙邊本幣互換協議。6月1日，中國A股股票正式納入明晟（MSCI）新興市場指數和全球基準指數，有利于吸引境外投資者配置人民幣股票資產。6月11日，為規范人民幣合格境外機構投資者境

180、內證券投資管理，中國人民銀行、國家外匯管理局發布關于人民幣合格境外機構投資者境內證券投資管理有關問題的通知（銀發2018157號）。6月13日，為進一步完善人民幣購售業務管理，人民銀行發布關于完善人民幣購售業務管理有關問題的通知（銀發2018159號），開放了證券投資項下跨境人民幣購售業務。8月20日，中國人民銀行與馬來西亞中央銀行續簽規模為1 800億元人民幣/1 100億馬來西亞林吉特的雙邊本幣互換協議。9月3日，中國外匯交易中心正式引入中國工商銀行（阿拉木圖）股份公司與2019年人民幣國際化報告66工銀標準銀行公眾有限公司參與銀行間外匯市場人民幣對堅戈區域交易，并決定延長人民幣對堅戈區域

181、交易時間，由10:3016:30調整為10:3019:00。9月8日，為促進全國銀行間債券市場對外開放，規范境外機構債券發行，保護債券市場投資者合法權益，人民銀行和財政部聯合下發全國銀行間債券市場境外機構債券發行管理暫行辦法（中國人民銀行財政部公告2018第16號）。10月13日，中國人民銀行與英格蘭銀行續簽規模為3 500億元人民幣/400億英鎊的雙邊本幣互換協議。10月22日，中國人民銀行與日本銀行簽署了在日本建立人民幣清算安排的合作備忘錄；26日，授權中國銀行東京分行擔任日本人民幣業務清算行。10月26日，中國人民銀行與日本銀行簽署規模為2 000億元人民幣/34 000億日元的雙邊本幣

182、互換協議。11月16日，中國人民銀行與印度尼西亞中央銀行續簽規模為2 000億元人民幣/440萬億印尼盧比的雙邊本幣互換協議。11月20日，中國人民銀行與菲律賓中央銀行簽署了在菲律賓建立人民幣清算安排的合作備忘錄。11月30日，以人民幣計價的精對苯二甲酸期貨正式引入境外交易者。12月10日，中國人民銀行與烏克蘭中央銀行續簽規模為150億元人民幣/620億烏克蘭格里夫納的雙邊本幣互換協議。2019年1月31日，彭博公司正式確認將于2019年4月起將中國債券納入彭博巴克萊債券指數。2月11日，中國人民銀行與蘇里南中央銀行續簽規模為10億元人民幣/11億蘇里南元的雙邊本幣互換協議。2月28日，明晟（

183、MSCI）宣布，大幅提升A股在其全球指數中的權重，分三階段將納入因子由5%增加至20%。PART ONE Ten-year Development of RMB Internationalization67回顧十年來中國金融改革開放的歷史，人民幣國際化是最大亮點之一。為更好地研究人民幣國際化發展，從2015年開始，人民銀行貨幣政策二司組織人員編寫人民幣國際化的發展情況并出版年度中英文雙語報告，供國內外市場參與者和研究人士參考。報告涉及面廣，涵蓋人民幣國際使用的各方面表現、相關政策及改革進展、全球主要經濟體相關情況、趨勢展望等主要內容，數據翔實并附有重要內容專欄介紹。2019年人民幣國際化報告由

184、人民銀行宏觀審慎管理局會同貨幣政策司、支付結算司、貨幣金銀局及濟南分行、西安分行、呼和浩特中心支行、合肥中心支行、長沙中心支行、銀川中心支行跨境人民幣業務相關工作人員共同撰寫和翻譯。其間，得到中國銀行及中國金融出版社相關工作人員的大力支持。在此，對所有關心和支持本報告出版的單位和人員表示衷心感謝。由于水平有限，本報告的編輯和翻譯難免有不當之處，懇請讀者批評指正。 編者 二一九年六月后記2019 RMB INTERNATIONALIZATION REPORT68ASEANATMB&RBIS BOECBRC CDs CFETS CGSDTC CIBMCIFCIPS CIRC CMUCOFER CP

185、PCC CSDC CSRC DNSDVPECBETFsEURIBORFDI FXHIBORHKEXHKMAAssociation of Southeast Asian NationsAutomated Teller MachineThe Belt and RoadBank for International SettlementsBank of EnglandChina Banking Regulatory CommissionCertificates of DepositsChina Foreign Exchange Trade SystemChina Government Securiti

186、es Depository Trust & ClearingChinas Interbank Bond MarketCost, Insurance and FreightCross-border Interbank Payment SystemChina Insurance Regulatory CommissionCentral Money Market Unit Currency Composition of Official Foreign Exchange ReservesChinese Peoples Political Consultative ConferenceChina Se

187、curities Depository and ClearingChina Securities Regulatory CommissionDeferred Net SettlementDelivery Versus Payment European Central BankExchange Traded FundsEuropean Interbank Offered RateForeign Direct InvestmentForeign ExchangeHong Kong Interbank Offered RateHong Kong Stock ExchangeHong Kong Mon

188、etary Authority KEY ABBREVIATIONSPART ONE Ten-year Development of RMB Internationalization69IEAIMF INEKRXLIBORLUXSEMOFMOUMRFMSCINDFNEER NPC NRA ODIOPECOTCPBC PTAPVPQFIIRCPMIS REER REITRMBRQDIIRQFII RTGSInternational Energy AgencyInternational Monetary FundInternational Energy ExchangeThe Korea Excha

189、ngeLondon Interbank Offered RateLuxembourg Stock Exchange Ministry of FinanceMemorandum of UnderstandingMutual Recognition of FundsMorgan Stanley Capital InternationalNon-deliverable ForwardsNominal Effective Exchange RateNational Peoples CongressNon-resident AccountOutward Direct InvestmentOrganiza

190、tion of the Petroleum Exporting CountriesOver-the-CounterThe Peoples Bank of ChinaPure Terephthalic AcidPayment Versus PaymentQualified Foreign Institutional InvestorRMB Cross-border Payment Management Information SystemReal Effective Exchange RateReal Estate Investment Trust RenminbiRenminbi Qualif

191、ied Domestic Institutional InvestorRenminbi Qualified Foreign Institutional InvestorReal Time Gross SettlementKEY ABBREVIATIONS2019 RMB INTERNATIONALIZATION REPORT70SAFE SAR SCH SDR SGXSHFESHIBOR SWIFT UAEUNIPECWGBIState Administration of Foreign Exchange Special Administrative RegionShanghai Cleari

192、ng HouseSpecial Drawing RightSingapore ExchangeShanghai Futures ExchangeShanghai Interbank Offered RateSociety for Worldwide Interbank Financial TelecommunicationUnited Arab EmiratesChina International United Petroleum & Chemicals Co., Ltd.Worlds Government Bond IndexPART ONE Ten-year Development of

193、 RMB Internationalization71Over the past four decades of reform and opening-up, Chinas economic strength had significantly enhanced, and a new system of an open economy had been gradually improved. China was playing an increasingly important role in the global economy. With the continuous improvemen

194、t of Chinas opening-up, Chinas economy had been fully integrated into the world economic system, and renminbi (RMB) had gradually gone globally. Since 2008, the Peoples Bank of China (PBC) together with market institutions, had promoted the international use of RMB in an orderly manner in accordance

195、 with the principles of respecting market demands, serving the real economy and ensuring risk control. Over the past decade, the policy framework for cross-border RMB business had been basically established, the infrastructure had been gradually improved, and the international use of RMB had develop

196、ed steadily. Especially since the 18th National Congress, RMB had joined the Special Drawing Right (SDR), its status of international currency had been preliminarily established, the convertibility of capital account of the RMB had been promoted orderly, and the opening of financial market had achie

197、ved remarkable results. At present, RMB had been the 2nd ranked cross-border settlement currency for eight consecutive years in China, and ranked the 5th for payment, the 3rd for trade financing, the 8th for foreign exchange trading and the 6th for reserves around the world. More than sixty central

198、banks or monetary authorities around the world had incorporated the RMB into their foreign exchange reserves. More than three hundred and twenty thousand enterprises and two hundred and seventy banks had carried out cross-border RMB business, and two hundred and forty two countries and regions had c

199、onducted cross-border RMB settlement with China. The settlement function of RMB had been strengthened continuously, and its investment and financing as well as trading function had also been deepened constantly. It had made a breakthrough regarding to the pricing function, and its function as a rese

200、rve currency had gradually emerged.PART ONE Ten-year Development of RMB Internationalization2019 RMB INTERNATIONALIZATION REPORT72I. Policy Evolution and Achievements in DevelopmentIn the early stage of the reform and opening up, RMB flowed out to Chinas neighboring countries, as well as Hong Kong,

201、Macau and Taiwan regions of China on a small scale through channels such as personnel exchanges, border trade and border tourism. Since the outbreak of the international financial crisis in 2008, the exchange rates of major international reserve currencies, such as USD, EUR, and JPY, had fluctuated

202、significantly and the demand for cross-border use of RMB by enterprises and individuals had been increasing. The internationalization of RMB was launched following voice of the market. Over the past decade, the policy restrictions on the cross-border use of RMB had been gradually lifted. The interna

203、tional use of RMB had undergone a gradual development from current account to capital account, from banks and enterprises to individuals, and from simple businesses to complex ones. The function of RMB, as an international currency, had also been expanded from the single settlement function to funct

204、ions of investment and financing, trading and pricing, and international reserve.1. From Pilot Program for Trade Settlement to Current Account SettlementAfter the international financial crisis in 2008, in order to reduce the exchange cost and obtain stable trade financing, domestic import and expor

205、t enterprises put forward the demands on RMB settlement in cross-border trade. In July 2009, RMB settlement pilot program for cross-border trade were launched in Shanghai and other four cities in Guangdong province, including Guangzhou, Shenzhen, Zhuhai and Dongguan, and the geographical scope of ov

206、erseas counterparties was limited to Hong Kong SAR of China, Macau SAR of China and Association of Southeast Asian Nations (ASEAN) countries. In June 2010, the six ministries and commissions including the PBC jointly expanded the pilot areas to twenty provinces (including autonomous regions and muni

207、cipalities directly under the central government) such as Beijing and Tianjin, and lifted the restriction on the geographical scope of the overseas counterparties. The scope of pilot businesses covered settlements for cross-border trade in goods and services and other settlements under current accou

208、nt. In August 2011, the pilot program was expanded to the nationwide with the business scope covering settlements of cross-border trade in goods and services and other settlements under current account. Since 2009, the annual amount of cross-border RMB settlements PART ONE Ten-year Development of RM

209、B Internationalization73under current account had grown rapidly, which was less than RMB 400 billion yuan in the initial stage, and in 2015, reached RMB 7 trillion yuan, and then entered into a steady growth path.2. From Current Account Settlement to Capital Account SettlementWith the further develo

210、pment of the pilot program of RMB settlement for cross-border trade, the demand of domestic and foreign institutions for using RMB in direct investment had been increasing. In October 2010, the PBC launched a pilot program in Xinjiang to conduct RMB outward direct investment (ODI) by domestic enterp

211、rises. In January 2011, the PBC allowed the pilot regions of RMB settlement for cross-border trade to conduct RMB settlement for ODI. In August, RMB settlement pilot program for cross-border trade was expanded nationwide, as were the businesses of RMB ODI. In October, the policy on foreign direct in

212、vestment (FDI) business was introduced. The cross-border RMB settlement for ODI and FDI emerged from scratch, and their share in the whole cross-border settlements for direct investment continued to expand, rising from less than 5% in 2010 to over 50% in 2018. Policies on RMB cross-border trade fina

213、ncing, RMB loans for overseas projects, overseas RMB lending by domestic enterprises and cross-border RMB cash pool business were also launched and improved.3. Continuously Promoting Two-way Opening of Financial MarketsWith the accumulation of offshore RMB, the demand of using RMB for investment and

214、 asset allocation had been increasing. At the same time, the process of two-way opening of Chinas financial markets had been accelerating, and investment channels such as Chinas Interbank Bond Market (CIBM), Renminbi Qualified Foreign Institutional Investment (RQFII), Renminbi Qualified Domestic Ins

215、titutional Investment (RQDII), the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, Mutual Recognition of Funds (MRF), Bond Connect and International Board of Gold Exchange had been opened. The types of domestic entities issuing RMB bonds abroad and offshore entities issuin

216、g RMB bonds in China (Panda Bonds) had become more diversified. From scratch, cross-border RMB settlement under securities investment grew from RMB 100 billion yuan in 2011 to over RMB 6 trillion yuan in 2018, and the growth rate in 2018 reached 84%.2019 RMB INTERNATIONALIZATION REPORT744. RMBs Incl

217、usion into SDR Laid an Initial Foundation for its International Currency RoleIn October 2016, the RMB officially joined the SDR currency basket, with a weight of 10.92%, ranking the 3rd among the basket currencies. In the fourth quarter of 2016, the size of RMB reserves in the IMFs Currency Composit

218、ion of Official Foreign Exchange Reserves (COFER) equaled to USD 90.78 billion, which was the first time for the IMF to release the information of RMB reserves. By the end of the fourth quarter of 2018, the size of RMB reserves in COFER had equaled to USD 202.79 billion, accounting for 1.89% of the

219、total, ranking the 6th among major reserve currencies. According to incomplete statistics, more than sixty central banks or monetary authorities had included the RMB in their foreign exchange reserves.II. Achievements in Infrastructure Construction1. RMB Cross-border Interbank Payment SystemThe PBC

220、started the construction of RMB Cross-border Interbank Payment System (CIPS) in 2012. In these years, the functions of CIPS had been constantly improved, the number of participants had been increasing, and the business volume had been rising. The efficiency of clearing and settling had been widely r

221、ecognized by participants. In October 2015, CIPS (phase I) was put into operation, introducing the real-time gross settlement mode to support payment businesses such as remittance of customers and financial institutions, which fulfilled the settlement needs of cross-border RMB trade, investment and

222、financing businesses in major time zones around the world. In October 2017, Bond Connect was launched and CIPS fulfilled the settlement needs accordingly. CIPS connected Chinas mainland with a number of different economies market by using Hong Kong as a node, and it supported an internationally prev

223、alent settlement mode of delivery versus payment (DVP) and covered business scope of spot trading, underwriting and repurchase of bonds, which met the needs of international investors to invest in the mainland bond market without changing their business habits. In May 2018, CIPS (phase II) was launc

224、hed and the deferred net settlement (DNS) mode was introduced. The operating hours were extended from 512 to 524+4 hours, fully covering the working hours of all financial markets in every time zone around the globe and supporting intraday settlement. CIPS added a night session for the interbank mon

225、ey market, which met the needs of domestic and PART ONE Ten-year Development of RMB Internationalization75foreign direct participants for liquidity adjustment at night. In addition to DVP, CIPS also launched the payment versus payment (PVP) mode for RMB against foreign currencies, and centralized cl

226、earing mode for the central counterparty. By the end of 2018, CIPS had involved thirty-one direct participants and eight hundred and eighteen indirect participants, covering eighty-nine countries and regions in six continents. The business actually had covered one hundred and sixty-one countries and

227、 regions and two thousand six hundred and fifty-nine incorporated financial institutions. As of the end of 2018, CIPS had handled more than 3.42 million cross-border payment transactions with an amount of RMB 45.84 trillion yuan.2. RMB Cross-border Payment Management Information System In July 2009,

228、 the PBC launched the RMB Cross-border Payment Management Information System (RCPMIS) to support the orderly development of the pilot business of cross-border RMB settlements. RCPMIS was currently the only nationwide information management system in China that specialized in monitoring the cross-bor

229、der flows of RMB funds.Since its launch, system performance of the RCPMIS had been continuously optimized to meet the needs of business development. After several times of upgrading and reconstruction, the information collected by the system had covered business information, flow information and sto

230、ck information related to RMB cross-border receipts and payments. The statistic and monitoring function had been gradually improved to meet the needs of the PBC for the analysis, monitoring, evaluation and macro-control decision-making regarding RMB cross-border settlement. By the end of 2018, four

231、hundred and twenty-four incorporated banking institutions and clearing banks in Hong Kong and Macau regions had connected to RCPMIS, with sixty-nine thousand two hundred and forty-nine effective users, and more than 33.78 million pieces of data and information had been collected.3. The Operation of

232、Cross-border Transportation of RMB Banknotes Since 2009, the business scale of cross-border RMB banknotes transportation had continued to grow. The amount of cross-border RMB banknotes transportation by banks had increased from the initial RMB 10.9 billion yuan in 2009 to RMB 117.1 billion yuan in 2

233、018, with an average annual growth rate of 28.9%. 2019 RMB INTERNATIONALIZATION REPORT76Before 2009, RMB banknotes transportation mainly took place in Hong Kong, Macau regions of China, as well as Mongolia, Vietnam and other neighboring countries. Since 2010, the clearing bank in Hong Kong, relying

234、on the depository vault of Bank of China (Hong Kong), had provided the channel of supply and backflow of offshore RMB banknotes, which had gradually extended globally. There had been three ways of cross-border RMB banknotes transportation used by banks: the overseas depository vault mode, the overse

235、as clearing bank mode and the correspondent bank mode. With the continuous optimization of the overseas RMB clearing mechanism, transportation, and deposit and withdrawal environment, the secondary market of overseas RMB banknotes had continued to develop, and it had been increasingly convenient to

236、obtain RMB banknote abroad.III. Achievements of Central Bank Cooperation1. Bilateral Local Currency Swap In 2008, when the international financial crisis broke out, the global financial system experienced severe liquidity difficulties, and some trading and investment partners needed liquidity suppor

237、ts. Approved by the State Council, the PBC had signed bilateral local currency swap agreements with central banks or monetary authorities of thirty-eight countries and regions, with a total amount of over RMB 3.7 trillion yuan since 2008. Local currency swap arrangements had played a positive role i

238、n facilitating trade and investment between China as well as relevant countries and regions, maintaining financial stability and promoting the international use of the RMB. By the end of 2018, there had been thirty valid agreements with a total amount of RMB 3.48 trillion yuan.2. RMB Clearing Arrang

239、ement Approved by the State Council, the PBC allowed banks in Hong Kong and Macau regions to provide clearing arrangements for personal RMB business in 2003 and 2004, and authorized Bank of China (Hong Kong) and Macau Branch of Bank of China to act as RMB clearing banks in Hong Kong and Macau region

240、s respectively. In 2009, the pilot program of RMB settlement for cross-border trade was launched, and the business scope of RMB clearing banks in Hong Kong and Macau regions was expanded accordingly. In order to comply with the development of the overseas RMB markets and expand the two-way opening o

241、f financial markets, the PBC had signed PART ONE Ten-year Development of RMB Internationalization77MOU with overseas central banks or monetary authorities, established RMB clearing arrangements in twenty-five countries and regions, and authorized twenty-five local banks to act as RMB clearing banks,

242、 including twenty-four Chinese-funded banks and one foreign-funded bank. At present, overseas RMB clearing banks had covered Hong Kong, Macau, and Taiwan regions of China, as well as Southeast Asia, Europe, North and South America, Oceania, the Middle East and Africa.2018 RMB INTERNATIONALIZATION RE

243、PORT78PART TWO The International Use of the RMB in 2018In 2018, against the backdrop of complex and volatile economic and financial situations at home and abroad, greater capital outflow pressure, and increased fluctuation of RMB exchange rate featuring first appreciating and then depreciating, RMB

244、cross-border settlement maintained a relatively rapid growth, the share of cross-border RMB settlements in total cross-border settlements reached a record high, and the overall balance of settlement showed a small net inflow.The main features of the international use of RMB in the whole year were as

245、 follows: first, the amount of settlement under current account rebounded year on year, net outflows of trade in goods decreased, settlement of service trade increased significantly, while the net outflows of service trade and income increased. Second, the opening of financial markets continued to d

246、eepen. For the first time, the amount of settlement under the capital account was double the amount under the current account, among which securities investment increased significantly, and the direct investment in Chinas interbank bond market (CIBM) attracted the highest net inflows. Third, the off

247、shore RMB market had maintained a steady development. The onshore RMB exchange rate had played a leading role in forming the offshore RMB exchange rate. The linkage between the offshore and onshore markets had gradually increased, and the breadth and depth of the offshore market continued to expand.

248、I. General Situation of Cross-border Use of RMBIn 2018, RMB cross-border settlement amounted to RMB 15.85 trillion yuan, increasing 46.3% year on year. Total receipts were RMB 8 trillion yuan, up 51.6% year on year, and total payments were RMB 7.85 trillion yuan, up 41.3% year on year, with a receip

249、t to payment ratio of 1:0.98, which resulted in a net inflow of RMB 154.4 billion yuan, compared with a net outflow of RMB 276.5 billion yuan in 2017. RMB cross-border settlement accounted for 32.6% of the total cross-border settlement during the same PART TWO The International Use of the RMB in 201

250、879Figure 2-1 Monthly RMB Settlement during 2017-2018Source: PBC.Current account (LHS)Capital account (LHS)RMB settlement ratio (RHS)Billion yuan%4540353025201510501,8001,6001,4001,2001,0008006004002000 2017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.0

251、22018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12Figure 2-2 Proportion of RMB in Total Cross-border Receipts and Payments during 2010-2018Source: PBC.Current account (LHS)Capital account (LHS)RMB settlement ratio (RHS)Billion yuan%Year2010201120122013201420152016201720184035302

252、52015105018,00016,00014,00012,00010,0008,0006,0004,0002,0000 2019 RMB INTERNATIONALIZATION REPORT80period, which was a record high with an increase of about 7 percentage points over the previous year. The RMB had been Chinas 2nd largest cross-border settlement currency for eight consecutive years. A

253、ccording to SWIFT, by the end of 2018, the RMB had been the 5th largest payment currency in the world, only next to USD, EUR, GBP and JPY, with a share of 2.07% in the total global payment amount, up from 1.61% in 2017. 79% of the offshore settlement occurred in Hong Kong.In 2018, Shanghai, Beijing

254、and Shenzhen ranked top three in terms of annual cross-border RMB settlement volume, with a share of 45.8%, 14.1% and 10.3% of the total cross-border RMB settlements respectively. There were nine provinces (including autonomous regions and municipalities directly controlled by the central government

255、), two more than last year, each enjoying more than RMB 200 billion yuan cross-border RMB settlements. Furthermore, the total amount of RMB settlements in eight border provinces (including autonomous regions) reached approximately RMB 471.8 billion yuan, up17.6% year on year.專欄1.1國際金融中心的界定Table 2-1

256、Cross-border RMB Settlement by Provinces in 2018Capital and financial accountShare (%)TotalCurrent accountRankingRegion Unit: billion yuan1,133.30697.36677.59771.76400.48325.2453.231,047.925,106.876,132.061,533.99962.71756.20225.54202.56184.04749.5110,746.627,265.362,231.341,640.301,527.96626.02527.

257、80237.271,797.4215,853.49 12345678945.814.110.39.63.93.31.511.3100.0ShanghaiBeijingShenzhenJiangsuZhejiangFujianOthersTotalSource: PBC.Guangdong(Excluding Shenzhen)In 2018, the amount of cross-border RMB settlements with Hong Kong SAR of China accounted for 40.5% of all the cross-border RMB settleme

258、nts in terms of volume, followed by Singapore with a share of 9%, Germany of 4.2%, and South Korea of nearly 4%. The share of Singapore, South Korea, UK, Switzerland, Netherlands, Luxembourg, as well as Taiwan and Macau regions of China saw a significant increase compared with 2017. PART TWO The Int

259、ernational Use of the RMB in 201881In 2018, China and the countries along the Belt and Road (hereinafter referred to as the countries along the B&R) handled cross-border RMB settlements amounted to over RMB 2.07 trillion yuan, accounting for 13.1% of the total cross-border RMB settlements during the

260、 same period, among which trade in goods accounted for RMB 613.4 billion yuan, direct investment for RMB 224.4 billion yuan, other investment for RMB 333.1 billion yuan, and cross-border financing for RMB 313.2 billion yuan. By the end of 2018, China had signed bilateral local currency swap agreemen

261、ts with twenty-one countries along the B&R and established RMB clearing arrangements in eight countries and RQFII pilot programs in six countries. The RMB had been directly traded with nine currencies, and regionally traded with three currencies of countries along the B&R.Figure 2-3 Distribution of

262、RMB Cross-border Receipts and Payments by Country and Region in 2018Source: PBC.HK SAR of China, 40.5%Luxembourg, 1.03%UK, 2.38%South Korea, 3.86%Japan, 3.49%Germany, 4.18%Macau SAR of China, 2.05%Netherland, 1.16%Australia, 1.06%Cayman Islands, 1.10%Taiwan, China, 3.39%Ohters, 23.62%Singapore, 8.99

263、%USA, 1.89%Switzerland, 1.29%Box 1 The Use of RMB in Neighboring CountriesIn 2018, the cross-border RMB settlements between China and neighboring countries amounted to RMB 3.1 trillion yuan, with a year-on-year increase of 46.3%, higher than the average increase rate. Among them, the RMB settlements

264、 under the current account 2019 RMB INTERNATIONALIZATION REPORT82amounted to RMB 1.1 trillion yuan, with a year-on-year increase of 13%. The amount of cross-border RMB settlements for direct investment reached RMB 282.8 billion yuan, with a year-on-year increase of 68.1%. The total amount of cross-b

265、order RMB settlement for trade and investment accounted for more than 40% of the total cross-border RMB settlement volume. Among them, the cross-border RMB settlements with Nepal increased by nine times and with Belarus by seven times year on year, and that with thirteen countries such as Singapore,

266、 South Korea, Russia and Thailand increased by more than 50% year on year. Fifteen foreign central banks including Singapore, South Korea, Russia and Cambodia had included RMB assets into their foreign exchange reserves.Currently, China had established RMB clearing arrangements in six neighboring co

267、untries, signed bilateral local currency settlement agreements with nine neighboring countries such as Vietnam, Kazakhstan, and signed bilateral local currency swap agreements with central banks or monetary authorities of fourteen neighboring countries such as Mongolia and Japan.In February 2018, re

268、gional trading of RMB against Thai Baht was extended to the national interbank foreign exchange market. In September, the direct quotation and position squaring mechanism of RMB against Kazakhstani Tenge was launched, and the first batch of overseas banks was introduced to join the regional trading

269、in the interbank foreign exchange market. Thus a listing trading system of RMB against Kazakhstani Tenge was initially formed based on the bank-counter listing and supported by regional trading in the interbank foreign exchange market.In addition, China launched the Port Interconnection Information

270、Service Platform and the China (Xinjiang)-Silk Road Currency Regional Trading Information Platform in 2018, as well as developed and completed the bank account service platform for overseas border residents, which greatly facilitated border residents to participate in border trade.PART TWO The Inter

271、national Use of the RMB in 201883In 2018, China established a China-Laos land transportation route for bilateral banknotes, set up a new Yunnan-Laos transportation channelthe Mohan-Boten route, opened a land transportation route with Russia for cross-border RMB banknotes, and completed the transport

272、ation of Kazakhstani Tenge banknotes for the first time.The use of RMB in neighboring countries was conducive to promoting economic and trade exchanges between China and neighboring countries, which would bring Chinas development achievements to benefit neighboring countries and facilitate the forma

273、tion of a new pattern of Chinas overall opening up.II. Current AccountIn 2018, the total amount of cross-border RMB settlements under the current account was RMB 5.11 trillion yuan with a year-on-year increase of 19%, among which the receipts amounted to RMB 2.06 trillion yuan, up 19% year on year,

274、and the payments amounted to RMB 3.05 trillion yuan, up 17% year on year, with net payments amounted to about RMB 0.99 trillion yuan, increasing 14% year on year. The share Figure 2-4 Monthly RMB Settlements under the Current Account during 2017-2018Source: PBC.Trade in goods (LHS)Income (LHS)Monthl

275、y YOY growth rate (RHS)Trade in services (LHS)Current transfer (LHS)Billion yuan%6040200-20-40-606005004003002001000 2017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.122019 RMB INTERN

276、ATIONALIZATION REPORT84of cross-border RMB settlements under the current account in total cross-border settlements by both RMB and foreign exchange moderately increased to a ratio of 14% in 2018, one percentage point higher compared with 2017.1. Trade in GoodsIn 2018, the total amount of cross-borde

277、r RMB settlement for trade in goods reached RMB 3.66 trillion yuan, up 13.2% year-on-year, with a share of 11.7% in total cross-border settlements by both RMB and foreign exchange, which was 0.3 percentage point higher compared with 2017. The net outflow of RMB funds under trade in goods was RMB 396

278、.2 billion yuan, down 15% year on year. Among them, RMB cross-border settlement for general trade totaled RMB 2.21 trillion yuan, basically unchanged year on year, and RMB settlements for offshore transit trade and imported materials processing trade decreased by 71.7% and 31% year on year respectiv

279、ely. With the continuous improvement of cross-border RMB business management, the RMB settlements of offshore transit transactions had dropped significantly, from a record high of RMB 1.88 trillion yuan in 2015 to more than RMB 100 billion yuan in 2018. The cross-border RMB business of trade in good

280、s had been developing in a more sound way.Figure 2-5 The Share of RMB Settlement in Total Cross-border Settlement under Current Account during 2017-2018Source: PBC.Current account Trade in servicesTrade in goodsIncome and current transfer6050403020100%2017.012017.022017.032017.042017.052017.062017.0

281、72017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12PART TWO The International Use of the RMB in 2018852. Trade in ServicesIn 2018, RMB cross-border settlement for trade in services totaled RMB 768.8 billion yuan, up 32.9% year on y

282、ear and accounting for 20.4% of total cross-border settlement by both RMB and foreign exchange during the same period, up 4.4 percentage points year on year. The net outflow of RMB funds under trade in services was RMB 93.3 billion yuan, up by RMB 90.9 billion yuan year-on-year. Cross-border settlem

283、ent of trade in services mainly focused on overseas hotels, air tickets, tuition fees, tourism and computer services. Among them, the RMB cross-border settlement by third-party payment companies totaled RMB 179 billion yuan, up 171.8% year on year.3. Income and Current TransferIn 2018, RMB cross-bor

284、der settlement under income totaled RMB 651.5 billion yuan, increasing 32% year on year, while that under current transfer totaled RMB 29.4 billion yuan, up 23% year on year. Under the income and current transfer, the share of RMB cross-border settlement in total cross-border settlements by both RMB

285、 and foreign exchange accounted for 43.4%, increasing 10.2 percentage points year-on-year. The net outflow of RMB funds under income reached RMB 515 billion yuan, up 27% year on year, while the net inflow of RMB under current transfer totaled RMB 24.4 billion yuan, increasing 74% year on year.Box 2

286、Multinational Enterprises Prefer RMB in Cross-border Receipt and PaymentWith the improvement of Chinas comprehensive national strength, China was playing an increasingly important role in the global layout of multinational enterprises. Taking Shanghai as an example, eighty three of the top five hund

287、red companies in the world had set up regional headquarters in Shanghai to undertake various functions such as fund management, procurement, sales and settlements in China. In 2018, a total volume of RMB 174.2 billion yuan of cross-border RMB settlement was conducted by multinational enterprises in

288、Shanghai, accounting for 54% of their total cross-border receipts and payments in RMB and foreign exchange during the same period. The cross-border RMB settlement volume exceeded that of foreign exchange settlement for the first time. Among these, there were twenty enterprises whose share of RMB cro

289、ss-2019 RMB INTERNATIONALIZATION REPORT86border receipts and payments in total cross-border settlements reached above 90%. Many multinational enterprises had considered to settle all the cross-border businesses related to China in RMB.Cross-border RMB businesses had brought tangible benefits to mult

290、inational enterprises. First, it was conducive to avoiding exchange rate risks and reducing exchange costs. Second, it was conducive to reducing operating costs of supply chain and making upstream and downstream enterprises focus on their main businesses. Third, it was conducive to improving the eff

291、iciency of cross-border fund settlement. Fourth, it was conducive to enhancing the discourse power of the regional headquarters of multinational enterprises in China. Many multinational enterprises in China had actively sought to persuade their parent companies to use RMB for their China-related bus

292、inesses and hand the groups global RMB assets over to domestic companies for centralized operations. Since 2018, the RMB exchange rate had shown some fluctuations, but multinational enterprises had not reduced the cross-border use of RMB, which shows that multinational enterprises had formed a certa

293、in path dependence on the use of RMB cross-border settlement. The survey shows that multinational enterprises expect to maintain the current sound business environment, keep the stability and continuity of cross-border RMB policies. And they also wish to further improve policy convenience and enhanc

294、e the convertibility and free usability of RMB.III. Capital AccountIn 2018, the cross-border RMB settlement under the capital account totaled RMB 10.75 trillion yuan, with a year on year increase of 65%, of which receipts stood at RMB 5.94 trillion yuan and payments stood at RMB 4.81 trillion yuan,

295、with a net inflow of RMB 1.13 trillion yuan. The shares of direct investment, securities investment and cross-border financing in the net inflow of capital account were 21.7%, 69.3% and 7.6% respectively. PART TWO The International Use of the RMB in 201887Figure 2-6 Cross-border RMB Settlement under

296、 the Capital Account during 2017-2018Source: PBC.Billion yuan%200150100500-501,2001,00080060040020002017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12Direct investment (LHS)Other inv

297、estment (LHS)Securities (LHS)Monthly YOY growth rate (RHS)1. Direct InvestmentIn 2018, the cross-border RMB settlement under the direct investment totaled RMB 2.66 trillion yuan with a year on year increase of 61.1%, accounting for 59.5% of Chinas total RMB and foreign currency cross-border settleme

298、nts with a year on year increase of 10.2 percentage points. The net inflow was RMB 246.4 billion yuan, with a year on year increase of 51%. In 2018, the volume of RMB settlement in ODI transactions stood at RMB 804.8 billion yuan, increasing 76.2% year on year, of which capital outflows stood at RMB

299、 53 billion yuan and principle inflows stood at RMB 11.8 billion yuan, with a net outflow of RMB 41.2 billion yuan. The volume of RMB settlement in FDI transactions was RMB 1.86 trillion yuan, increasing 57.5% year on year, of which principle inflows stood at RMB 287.4 billion yuan and principle out

300、flows stood at RMB 131.6 billion yuan, with a net inflow of RMB 155.8 billion yuan. 2. The Cross-border RMB Cash Pooling Business By the end of 2018, one thousand two hundred and fifty-three cross-border RMB cash pools had been set up across the country. The volume of cross-border RMB cash pooling b

301、usiness totaled RMB 1.68 trillion yuan with a year-on-year increase of 57%, 2019 RMB INTERNATIONALIZATION REPORT88of which payments and receipts stood at RMB 804.7 billion yuan and RMB 872.1 billion yuan respectively, resulting in a net inflow of RMB 67.3 billion yuan. Figure 2-7 Monthly Cross-borde

302、r RMB Settlement of Direct Investmentduring 2017-2018Source: PBC.ODIFDIBillion yuan2502001501005002017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12Figure 2-8 Monthly Settlement of C

303、ross-border RMB Cash Pooling Businessduring 2017-2018Source: PBC.Net inflowsInflowsOutflowsBillion yuan2017.012017.022017.032017.042017.052017.062017.072017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12140120100806040200 -20-40PART

304、 TWO The International Use of the RMB in 2018893. Panda BondBy the end of 2018, the issuers of Panda Bonds had covered international development institutions, foreign governments, foreign non-financial enterprises and financial institutions. The total registered or approved amount of Panda Bonds had

305、 reached RMB 662.3 billion yuan and the total issuance reached RMB 314.7 billion yuan. In 2018, the new issuing scale of Panda Bonds had reached nearly RMB 74.7 billion yuan, increasing 23.8% from a year earlier. Box 3 Panda Bond was Welcome by the MarketSince 2018, with the accelerating development

306、 of two-way opening-up of Chinas financial market, the market of Panda Bond had attracted extensive attention from international market. The type of bond issuers further expanded, and the scale of issuance also increased significantly.In terms of bond issuers, Panda Bond issued by non-financial ente

307、rprises grew the fastest in 2018, with 16 issuers issuing thirty-six Panda Bond amounting to RMB 62.7 billion yuan in total increasing 191.6% year on year. The total amount of Panda Bond issued by GovernmentFinancial institutionNon-financial institution8.71%7.31%83.98%Figure 2-9 The Distribution of

308、Panda Bond Issuers in 2018Source: PBC.2019 RMB INTERNATIONALIZATION REPORT90foreign governments of the Philippines, United Arab Emirates and Hungary was nearly RMB 5.5 billion yuan. By the end of 2018, six sovereign bond issuers respectively from Poland, Hungary, the Philippines, United Arab Emirate

309、s, Canada and South Korea had issued eight sovereign Panda Bonds, with a total issuance volume of nearly RMB 16.5 billion yuan. It was the first time for the Philippines and United Arab Emirates to access China to issue bond in 2018. Four financial institutions including MUFG Bank, Mizuho Bank, ABC

310、International and BOCGI issued four Panda Bonds, with the scale of issuance totaling RMB 6.5 billion yuan. Overall, the scale of non-financial enterprises bond issuance was the largest in 2018 accounting for 84%, while the scale of financial institutions and foreign governments bond issuance account

311、ed for 8.7% and 7.3% respectively.With Panda Bond market developing, the enthusiasm of investment institutions had been gradually elevated. In 2018, the types of institutions that participated in Panda Bond investment increased, with rural commercial banks and urban commercial banks participating gr

312、adually. The investment scale of domestic institutions of foreign commercial banks, such as HSBC (China), MUFJ (China) and Mizuho (China) had Figure 2-10 The Structure of Investment Institutions of Panda Bond in 2018State-owned commercial bankJoint-stock commercial bankOther commercial bankCity comm

313、ercial bankRural commercial bankForeign investorFund companyAsset management incorporationSecurities companySource: PBC.59.06%3.87%2.39%17.68%0.92%12.89%1.77%0.38%1.03%PART TWO The International Use of the RMB in 201891expanded significantly. In 2018, the total investment amount of foreign commercia

314、l banks exceeded RMB 1.3 billion yuan that was three times as much as in 2017. The enthusiasm of foreign investors had risen. In recent years, a lot of Panda Bond had been subscribed by foreign investors. In Hungarys, Canadas and the Philippines issuance cases, foreign investors subscription account

315、ed for 55%, 73% and 88% respectively, including sovereign wealth funds and foreign central banks. Panda Bond had played an important role in connecting Chinas bond market with foreign issuers and investors. In September 2018, the PBC and the MOF jointly issued the Interim Rules for the Administratio

316、n of Bond Issuances by Overseas Institutions on the Chinas Interbank Bond Market (PBC and MOF Public Announcement 2018 No.16), which comprehensively standardized the procedure for issuance of bond by four types of foreign institutions in China, including issuance approval, registration, custody, set

317、tlement process as well as information disclosure of Panda Bond, clarified the accounting standards, audit supervision and other issues concerning the market. The implementation of the Rules was significant for the Panda Bond markets sound and standardized development. With the progress of RMB inter

318、nationalization and the deepening of the opening-up of Chinas bond market, more issuers and investors would enter the market and there would be greater opportunities for Panda Bond. 4. Cross-border Securities InvestmentIn 2018, the foreign investors demand to allocate RMB assets increased significan

319、tly. The cross-border settlements under securities investment totaled RMB 6.38 trillion yuan with an increase of 83.6%, of which net inflow reached RMB 786.3 billion yuan with an increase of 171% and had the largest contribution to the growth of capital account.Bond investment. In 2018, one thousand

320、 one hundred and eighty six foreign institutions entered interbank bond market. There were seven hundred and seventy four institutions entering the market directly, five hundred and five institutions entering via Bond Connect, while ninety three institutions entering via both channels. In 2018, the

321、volume of inflow was RMB 2.12 trillion yuan, and the volume 2019 RMB INTERNATIONALIZATION REPORT92of outflow was RMB 1.52 trillion yuan, resulting in a net inflow of RMB 602.2 billion yuan. Among them, the volume of settlements under Bond Connect totaled RMB 1.03 trillion yuan that increased 210%, w

322、ith a net inflow of RMB 86.2 billion yuan which was basically the same as 2017. The settlements under CIBM totaled RMB 2.6 trillion yuan that increased 117%, with a net inflow of RMB 516 billion yuan that increased 125%.Box 4 Chinese Bond were Included in Important International IndexesIn March 2018

323、, Bloomberg announced the inclusion of Chinese government bonds and policy bank bonds in the Bloomberg Barclays Global Composite Index from April 2019 in twenty months. In April 2019, Bloomberg officially included Chinese bonds in the index, and RMB bonds became the fourth currency component of the

324、index after the USD, EUR and JPY, which was the first time that RMB bonds were included in the worlds three important international bond indexes.In addition, FTSE Russell announced that it had added China to its index watch list and would publish whether to include Chinese bonds in the FTSE Worlds G

325、overnment Bond Index (WGBI) in September 2019. JP Morgan Chase & Co. would also seek feedback on the inclusion of Chinese bonds during the index management meeting in the summer of 2019. In recent years, the opening up of Chinas bond market had successively broadened. By the end of 2018, the scale o

326、f Chinas bond market had reached RMB 86 trillion yuan, of which the holdings by foreign entities were RMB 1.71 trillion yuan, increasing 46% year on year. This inclusion of Chinese bonds in important international bond indexes fully reflected the confidence of international investors in Chinas econo

327、my and the new progress made in the opening up of Chinas financial market, which would better meet their need for allocation of RMB assets. The PBC would continue to improve relevant institutional arrangements, further open Chinas bond market and provide a more friendly and convenient investment env

328、ironment for international investors. PART TWO The International Use of the RMB in 201893The Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect business. In 2018, the cross-border settlements under Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect totaled R

329、MB 841.5 billion yuan with an increase of 30% and the net inflow stood at RMB 209.3 billion yuan, while there had been a net outflow of RMB 105.5 billion yuan in 2017. Among them, the net inflow through Shanghai Stock Connect and Shenzhen Stock Connect reached RMB 283.3 billion yuan and the cumulati

330、ve market value of Hong Kong stocks held by mainland investors through Hong Kong Stock Connect reached RMB 547.5 billion yuan, with a net outflow of RMB 74 billion yuan. RQFII. By the end of 2018, nineteen countries or regions had been granted with RQFII quotas for RMB 1.94 trillion yuan and two hun

331、dred and five foreign institutions had registered or applied investment quotas for RMB 646.7 billion yuan. In 2018, the volume of receipts through RQFII stood at RMB 138.8 billion yuan and the volume of payments stood at RMB 120.3 billion yuan, resulting in a net inflow of RMB 18.5 billion yuan. In

332、May 2018, Japan obtained a RQFII quota for RMB 200 billion yuan approved by the State Council.Hong Kong SAR of China, 500Unit: Billion yuanIreland, 50Hungray, 50Swtizerland, 50Australia, 50Luxembourg, 50Germany, 80Qatar, 30Canada, 50South Korea, 120Malaysia, 50USA, 250Thailand, 50Chile, 50Japan, 200

333、France, 80Singapore, 100UAE, 50Figure 2-11 Allocation of RQFII Quotas, End-2018Source: PBC.2019 RMB INTERNATIONALIZATION REPORT945. Other Investments In 2018, the total cross-border settlements under other investments such as cross-border financing and project loans reached RMB 1.7 trillion yuan tha

334、t increased 23.6%, with a net inflow of RMB 104 billion yuan that decreased 19%. Box 5 Domestic RMB Financial Assets Held by Foreign EntitiesBy the end of 2018, the volume of financial assets including domestic RMB stocks, bonds, loans, deposits held by foreign traders reached RMB 4.85 trillion yuan

335、, increasing 13.1% year on year. Among them, the market value of stock was RMB 1.15 trillion yuan, the balance of bond custody was RMB 1.71 trillion yuan, the balance of deposits was RMB 1.06 trillion yuan (including deposits from interbank accounts) and the balance of loans was RMB 924.7 billion yu

336、an. Stocks and bonds in the domestic financial market had become the major options for foreign traders to increase the allocation of RMB assets. By the end of 2018, the scale of domestic RMB stocks and bonds held by foreign traders had increased 27% year on year, among which the volume of bond custo

337、dy accounted for 2.4% of the total amount of bond custody in the interbank bond market and the market value of stocks accounted for 2.5% in total outstanding market value of A-stock. In 2018, bonds accounted for 91% in domestic RMB assets increment held by foreign entities.Table 2-2 Domestic RMB Fin

338、ancial Assets Held by Non-residents Dec. 2017Mar.2018Dec. 2018June.2018Sept.2018InstrumentsUnit: billion yuan1,174.67 1,198.83 739.001,173.47 4,285.97 1,201.63 1,361.01 841.771,137.79 4,542.20 1,275.24 1,602.94 824.35 1,184.10 4,886.63 1,278.49 1,745.04 924.25 1,036.36 4,984.14 1,151.74 1,711.59924.

339、65 1,059.16 4,847.14StocksBondsLoansDepositsTotalSource: PBC. PART TWO The International Use of the RMB in 201895IV. Domestic RMB Foreign Exchange TradingBy the end of 2018, the domestic trading entities of Chinas interbank foreign exchange market had been further expanded. The volume of spot market

340、 members had reached six hundred and seventy eight. Forward, foreign exchange swap, currency swap and option market members had reached two hundred and twelve, two hundred and seven, one hundred and seventy five and one hundred and twenty four respectively. The volume of market makers in the spot ma

341、rket and forward/swap market had reached thirty two and twenty seven respectively. The trading of Chinas interbank foreign exchange market were active and the product structure had constantly improved. In 2018, the turnover of RMB interbank foreign exchange market was equivalent to USD 24.8 trillion

342、, and the average daily volume was equivalent to USD 101.8 billion, increasing 20% year on year. Among them, the accumulated turnover in the spot foreign market was equivalent to USD 7.6 trillion, increasing 19.3% year on year. The trading amount of RMB swaps equaled to USD 16.4 trillion, increasing

343、 22.7% year on year, in which the trading amount of USD overnight swaps equaled to USD 9.2 trillion, which accounted for 56.1% in total amount of swap transactions. The trading amount of currency swaps was USD 65.8 billion, increasing 15% year on year. The trading amount of forwards was USD 87.5 bil

344、lion, decreasing 15.3% year on year. The trading amount of RMB options was USD 611.1 billion, increasing 64.6% year on year. In 2018, the direct trading between RMB and non-USD foreign currencies developed steadily, with the spot transactions amounting to RMB 1.6 trillion yuan and accounting for 3.2

345、% of the total foreign exchange spot trading volume in Chinas interbank market. In February, the trading mode of RMB against Thai Baht in the interbank foreign exchange market was further improved, from regional trading to direct trading. In September, new foreign institutions were introduced to par

346、ticipate in quotation trading between RMB and Kazakhstani Tenge (regional trading). The trading hour was also extended.2019 RMB INTERNATIONALIZATION REPORT96V. RMB-denominated Commodities1. Crude Oil Futures Contracts were Listed on Shanghai Futures Exchange (SHFE) In March 2018, Chinas crude oil fu

347、tures denominated and settled in RMB was officially listed on Shanghai International Energy Exchange (INE), a subsidiary of Shanghai Futures Exchange, and foreign traders were introduced. The trading variety was mainly medium sour crude oils, including seven deliverable crude oil as following: Dubai

348、 crude oil, Upper Zakum crude oil, Oman crude oil, Qatar marine oil, Yemen Masilla crude oil, Iraqi Basra light oil and domestic Shengli crude oil. The trading unit was 1,000 barrels/hand and the trading hours were mainly 9:00-11:30, 13:30-15:00 and 21:00-2:30 (the next day). For now, the delivery m

349、ethod was spot delivery, and the transaction arrangement was net price transaction and bonded delivery. Net price transaction refers to the valuation excluding tariffs and value-added taxes. Bonded delivery refers to physical delivery relying on bonded oil depot. Currently, INE crude oil futures tra

350、ding was temporarily exempt from value-added taxes.2. Foreign Traders were Introduced into Iron Ore Futures on Dalian Commodity Exchange Iron ore was Chinas largest imported commodity and its trade volume was the worlds second largest after crude oil. In October 2013, Chinas iron ore futures was lis

351、ted and settled in RMB, of which the participants were domestic traders. At present, HKDVNDGBPRUBAUDUSDSGDNZDKRWEURCHFJPYCADTHBCurrencyCurrencyCurrencyCurrency192.03.50.70.0008278.458.10.418.151.614.84.70.002587.90.610.00.000649,190.755.48.60.219.621.82.10.008754.729.67.40.4Trading VolumeTrading Vol

352、umeTable 2-3 The Trading Volume of RMB against Currencies in the Interbank Foreign Exchange Spot Market in 2018 Unit: billion yuanTrading VolumeTrading VolumeSource: CFETS. MYRZARAEDTRYMXNKZT（regional trade）KHR（regional trade）MNT（regional trade）SARHUFPLNDKKSEKNOKPART TWO The International Use of the

353、 RMB in 201897iron ore futures market on Dalian Commodity Exchange had developed into the worlds largest iron ore futures market, which was of great significance for domestic steel mills to lock in profits and stabilize operations. To further open up the futures market and better serve the real econ

354、omy, iron ore futures, as a specific variety, officially introduced foreign traders in May 2018. The trading mechanism of foreign traders basically referred to that of crude oil futures. 3. Foreign Traders were Introduced into RMB-denominated PTA FuturesPure terephthalic acid (PTA) was an important

355、textile raw material. China was the worlds largest PTA producer and consumer, as well as the major trading country of PTA upstream and downstream products. In December 2006, PTA futures were listed, of which the participants were domestic traders. In order to improve the international recognition of

356、 PTA futures prices, PTA futures officially introduced foreign traders in November 2018. The trading mechanism of foreign traders was consistent with that of crude oil futures. The introduction of foreign traders into commodity futures such as crude oil, iron ore and PTA was an important move to exp

357、and Chinas financial opening, which was conducive to improving the function of futures market to serve the real economy and promoting RMB to become the pricing and settlement currency of commodities. Foreign traders who invest in crude oil, iron ore, PTA and other commodity futures can use RMB or US

358、D as margin. By the end of February 2019, the inward and outward margin remittance of foreign traders was RMB 5.71 billion yuan and RMB 3.69 billion yuan, among which RMB accounted for 59.2% and 75.5% respectively. This reflected the preference of foreign traders for RMB.Box 6 Developments of INE Cr

359、ude Oil Futures TradingSince the listing of INE crude oil futures, the market size had continuously expanded. By the end of February 2019, the accumulative trading volume (unilateral, the same below) had exceeded 34.18 million hands, with the accumulative trading amount reaching nearly RMB 16 trilli

360、on yuan and an average daily holding of 22,000 hands. The average daily trading volume of INE crude oil futures had surpassed that of Oman crude oil 2019 RMB INTERNATIONALIZATION REPORT98futures on Dubai Mercantile Exchange, becoming the largest trading volume of crude oil futures in Asia and the th

361、ird in the world, next to the trading volume of WTI crude oil futures in the US and BRENT crude oil futures in the UK. Currently, INE crude oil futures had been filed with 52 foreign intermediaries in Hong Kong SAR of China, Singapore, Britain, South Korea and Japan. The foreign traders come from th

362、e United Kingdom, Australia, Switzerland, Singapore, Cyprus and Seychelles, as well as Hong Kong and Taiwan regions of China. With the steady development of INE crude oil futures, the number and degree of participation of foreign traders were expected to increase gradually.The function of INE crude

363、oil futures that reflects the supply and demand relationship in Chinas oil market had initially emerged. In March 2018, Shell signed a crude oil trading contract with China International United Petroleum & Chemicals Co., Ltd. (UNIPEC), which was the first spot import-export trading priced at INE cru

364、de oil futures price as the benchmark. In October, UNIPEC signed a crude oil trading contract with Shandong Jingbo Petroleum & Chemicals Co., Ltd., which was the first domestic spot trading priced at INE crude oil futures price as the benchmark. International institutions such as International Energ

365、y Agency (IEA), Organization of the Petroleum Exporting Countries (OPEC) had paid close attention to INE crude oil futures and offered positive reviews. Quotation agencies such as Platts and Argus had obtained the authorization of SHFE to add INE crude oil futures price data to their information pro

366、ducts and increase the assessment on Asian cost insurance and freight (CIF) of the SHFEs deliverable oil. VI. RMB as an International Reserve CurrencyBased on IMF COFER data, the scale of RMB reserves had reached USD 202.79 billion, accounting for 1.89% of the total foreign exchange reserves of desi

367、gnated currencies by the end of the fourth quarter of 2018, ranking 6th and surpassing 1.62% of AUD and 1.84% of CAD, which had been the highest level since the IMF publish RMB reserve assets in 2016. According to incomplete statistics, more than sixty central banks or monetary authorities had incor

368、porated RMB into their foreign exchange reserves. PART TWO The International Use of the RMB in 201899Figure 2-12 The Scale and Ratio of RMB in COFER during 2016-2018Source: IMF.Billion dollars%Scale (LHS)Ratio of RMB in COFER (RHS)2.001.801.601.401.201.000.800.600.400.200.002502001501005002016Q4 201

369、7Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4VII. The Operation of Cross-border Transportation of RMB BanknotesIn 2018, the cross-border transportation of RMB banknotes developed steadily. Both the scale of cross-border transportation of RMB banknotes and the net volume of inbound transportat

370、ion steadily increased. In 2018, the total amount of cross-border RMB banknotes transportation by banks reached RMB 117.1 billion yuan, an increase of 2.2% year on year, among which the outbound volume stood at RMB 9.5 billion yuan, and the inbound volume stood at RMB 107.5 billion yuan, resulting i

371、n a net inbound transportation of RMB 98 billion yuan. The scale of offshore RMB banknotes supply and backflow continued to decline, changing from three consecutive years of net deposit to net withdrawal. In 2018, the volume of offshore RMB banknotes supply and backflow reached RMB 240 million yuan,

372、 decreasing 31.5% year on year, of which the volume of banknotes withdrawal stood at RMB 190 million yuan, and that of banknotes deposit stood at RMB 50 million yuan, resulting in a net withdrawal of RMB 140 million yuan. 2019 RMB INTERNATIONALIZATION REPORT100Box 7 Survey on Offshore RMB Banknotes

373、ExchangeIn 2018, the business volume of offshore RMB banknotes exchange increased rapidly with a limited scale in total yet. In recent years, the outbound tourism of domestic individuals had continuously increased and the international acceptance of RMB had obviously improved, resulting in a rapid g

374、rowth of the offshore RMB banknotes exchange business. Between 2011 and 2018, the border entry and exit number of Chinese mainland residents increased from 140 million to 560 million, RMB banknotes could be taken to abroad by those residents for exchange and consumption, but as RMB banknotes had a l

375、imited function of circulation and storage abroad, most of them flowed back to China through the banking system after conversion. Offshore RMB banknotes exchange business mainly conducted in the countries and regions where attracted more Chinese visitors and had greater demand for banknotes exchange

376、. In terms of convenience, it was relatively convenient to exchange banknotes in neighboring countries and regions. A lot of institutions offer RMB banknote exchange service in Hong Kong, Macau, Taiwan regions of China, as well as Singapore and Thailand, providing relatively full coverage over these

377、 regions and countries. While in Europe and the United States, there were a limited number of financial branches to conduct banknotes exchange services. In the United States, one could only exchange a small scale of banknotes from foreign currency banknotes exchange institutions at entry-exit ports

378、or in some major cities and large-scale international banks. In African countries, there were a small amount of banknotes exchange business, Standard Banks in a few African countries such as South Africa and Namibia could provide RMB banknotes exchange services for individuals. The volume of offshor

379、e RMB banknotes exchange business would continue to grow, but the overall scale would be limited. Currently, UnionPay cards could be used in 171 foreign countries and regions, and holders could withdraw local currency banknotes from ATMs with the logo of UnionPay. As the number of Chinese outbound v

380、isitors increased rapidly, domestic third-party payment offshore business was also increasing. Compared with banknotes, non-cash payment would be safer and more convenient, which had become the preferred payment method for individuals overseas consumption.PART TWO The International Use of the RMB in

381、 2018101VIII. RMB Cross-border Interbank Payment SystemIn 2018, the CIPS settled 1.44 million payments in total, amounted to RMB 26.45 trillion yuan, with a year on year increase of 14.6% and 81.7% respectively. The average daily volume reached 5,724 payments, amounted to RMB 105 billion yuan, among

382、 which the customer remittance business reached 1.07 million payments, amounted to RMB 4.63 trillion yuan; the financial institution remittance business reached 0.36 million payments, amounted to RMB 21.24 trillion yuan; the bilateral business reached 4,300 payments, amounted to RMB 575.8 billion yu

383、an, and the batch business reached 15,000 payments, amounted to RMB 57 million yuan.In 2018, the CIPS completed 7,478 payments of Bond Connect funds settlement in total, amounted to RMB 893.1 billion yuan. From the perspective of bond trading direction, overseas institutions made 4,619 payments of b

384、ond purchase, amounted to RMB 559.8 billion yuan and made 2,859 payments of bond sale amounting to RMB 333.3 billion yuan. From the perspective of domestic custodian institutions, China Central Depository & Clearing Co., Ltd. settled 4,721 payments of custody funds amounting to RMB 441.4 billion yua

385、n, and Shanghai Clearing House settled 2,757 payments of custody funds amounting to RMB 451.6 billion yuan.IX. RMB Interest Rate and Exchange Rate1. RMB Interest RateIn 2018, the RMB interest rate hub in the domestic currency market displayed a decreasing tendency overall, and increased slightly at

386、the end of the year. At the end of 2018, overnight, 1-month, 3-month, 6-month and 1-year Shanghai Interbank Offered Rate (SHIBOR) decreased by 10, 127, 146, 153 and 123 basis points respectively from the beginning of the year, closing at 2.55%, 3.47%, 3.35%, 3.3% and 3.52% respectively. The 7-day SH

387、IBOR increased slightly by 6 basis points from the beginning of the year and closed at 2.9%.2019 RMB INTERNATIONALIZATION REPORT102Figure 2-13 Tendency of Shanghai Interbank Offered Rate in 2018 (1)Figure 2-14 Tendency of Shanghai Interbank Offered Rate in 2018 (2)Source: .Source: .5.04.54.03.53.02.

388、52.01.51.00.502018.01.012018.01.162018.01.302018.02.122018.03.022018.03.162018.03.302018.04.162018.04.282018.05.152018.05.292018.06.122018.06.272018.07.112018.07.252018.08.082018.08.222018.09.052018.09.192018.10.092018.10.232018.11.062018.11.202018.12.042018.12.18Overnight3-month1-week6-month1-month

389、1-year6543210%2018.01.022018.01.152018.01.262018.02.082018.02.262018.03.092018.03.222018.04.042018.04.182018.05.022018.05.152018.05.282018.06.082018.06.222018.07.052018.07.182018.07.312018.08.132018.08.242018.09.062018.09.192018.10.082018.10.192018.11.012018.11.142018.11.272018.12.102018.12.21PART T

390、WO The International Use of the RMB in 20181032. RMB Exchange RateIn 2018, the exchange rate of RMB against a basket of currencies appreciated first and then depreciated overall. At the end of 2018, CFETS RMB exchange rate index closed at 93.28, decreasing 1.7% from the end of 2017. According to BIS

391、 statistics, since the RMB exchange-rate regime reform started in 2005 to the end of 2018, the RMB nominal effective exchange rate (NEER) and real effective exchange rate (REER) appreciated by 34.3% and 45.1% respectively. In 2018, the domestic RMB exchange rate fluctuated in both directions with fl

392、exibility significantly enhanced. The exchange rate of RMB against USD and other international currencies experienced both appreciation and depreciation. The central parity rate of RMB against USD, JPY and EUR depreciated by 4.8%, 6.5% and 0.6% respectively and appreciated by 1.2% against GBP from t

393、he end of 2017.Throughout the year, the highest and lowest central parity rate of RMB against USD were RMB 6.2764 yuan and RMB 6.9670 yuan per USD respectively with a fluctuation range of 6,906 basis points, and the annualized volatility was 4.2%, significantly Figure 2-15 Tendency of Domestic RMB E

394、xchange Rate against USD in 2018Source: Wind.7.27.06.86.66.46.26.05.82018.01.022018.02.022018.03.022018.04.022018.05.022018.06.022018.07.022018.08.022018.09.022018.10.022018.11.022018.12.02USD/CNY: spot exchange rateCentral parity: USD against CNY2019 RMB INTERNATIONALIZATION REPORT104higher than th

395、at in 2017. Among the 243 trading days, the central parity rate of RMB against USD appreciated on 104 trading days and depreciated on 139 trading days. The biggest intra-day appreciation and depreciation were 0.7 percent (492 bps) and 0.9 percent (605 bps). At the end of the year, the central parity

396、 rate and closing price of RMB against USD were RMB 6.8632 yuan and RMB 6.8658 yuan per USD, depreciating 4.8% and 5.2% respectively from the end of the previous year.X. Central Banks Cooperation1. Bilateral Local Currency SwapIn 2018, the PBC signed new bilateral local currency swap agreements with

397、 the Bank of Japan and the Central Bank of Nigeria, totaling RMB 215 billion yuan, and renewed the bilateral local currency swap agreements with central banks of eleven countries including the United Kingdom, Chile, South Africa, Malaysia, Belarus, Indonesia, Kazakhstan, Pakistan, Australia, Ukraine

398、 and Albania, totaling RMB 1.03 trillion yuan. 2. Overseas Clearing Mechanism ArrangementAfter signing the MOU with Board of Governors of the Federal Reserve System and authorizing New York Branch of the Bank of China as the RMB clearing bank in 2016, the PBC authorized JP Morgan Chase & Co. as the

399、RMB clearing bank in the United States in February 2018. In October, the PBC signed the MOU with the Bank of Japan to establish RMB clearing mechanism arrangement in Japan and authorized Tokyo Branch of the Bank of China as the RMB clearing bank. In November, the PBC signed the MOU with the Central

400、Bank of Philippines to establish RMB clearing mechanism arrangement in Philippines. In addition, the PBC renewed the RMB Clearing Agreement with Taipei Branch of the Bank of China and Singapore Branch of the Industrial and Commercial Bank of China respectively in January and April 2018. PART THREE P

401、olicies and Relevant Reforms105In 2018, the cross-border RMB policies had covered all aspects. All cross-border business allowed by law to be settled in foreign exchange could also be settled in RMB by enterprises, furthermore, settled in RMB would be more convenient. The management of cross-border

402、RMB business was gradually optimized, the macro-prudential management was improved unceasingly, and the market self-disciplinary mechanism was basically formed. Based on risk control, the financial market was further opened, the procedure of investment and financing was optimized, the risk hedging f

403、unction of the domestic financial market was strengthened, the RMB exchange rate formation regime was perfected, and the convertibility of RMB capital account was promoted.I. Optimization of Policies on Cross-border RMB Business In January 2018, in order to further improve the cross-border RMB polic

404、ies, the PBC issued the Notice on Further Improving the Policies on Cross-border RMB Business to Facilitate Trade and Investment (PBC Document 2018 No.3). First, it clarified that all the cross-border business allowed by law to be settled in foreign exchange could also be settled in RMB by enterpris

405、es. Second, it met the demand for RMB cross-border payment and receipt of individuals, such as employee compensation, social welfare, family allowance etc., and facilitated domestic individuals to repatriate their legitimate overseas income and overseas individuals to remit their legitimate domestic

406、 RMB income abroad. Third, it implemented the concept of green development and supported cross-border RMB settlement on carbon emission trading by overseas investors. Fourth, it facilitated foreign investors direct investment with RMB by further optimizing procedures, eliminating limitations on rele

407、vant account opening and fund use, and ensuring the free remittance of RMB profits, dividends and other investment income of overseas investors according to law. Fifth, it clarified that RMB funds raised by domestic enterprises through overseas issuance of bonds or shares may be transferred back to

408、China while there PART THREE Policies and Relevant Reforms2019 RMB INTERNATIONALIZATION REPORT106was real demand. With this, the policies of RMB cross-border payment had covered all aspects of the cross-border business.II. Promotion of the Two-way Opening up of Capital Market1. Promotion of the Stan

409、dardized and Healthy Development of RQDII Business In April 2018, in order to further standardized the requirements for RQDII overseas investment products, information submission and macro-prudential management, the PBC issued the Notice on Further Clarifying the Rules on Overseas Security Investmen

410、t by RMB Qualified Domestic Institutional Investors (PBC General Administration Department Document 2018 No.81).2. Optimization of the Operation Mechanism of Shanghai & Shenzhen-Hong Kong Stock Connection and the Liquidity Supplement Mechanism of Hong Kong Offshore RMB MarketIn May 2018, the PBC iss

411、ued the Notice on Further Perfecting the Management of Cross-border Capital Flow to Support the Opening-up of Financial Market (PBC General Administration Department Document 2018 No.96), adjusted the reserve ratio of RMB deposits in the PBC clearing accounts of RMB clearing banks in Hong Kong and M

412、acau regions to zero, and clarified that the overseas investors who invested in Shanghai & Shenzhen-Hong Kong Stock Connect could conduct foreign currency exchange and foreign exchange risk hedging business through the Hong Kong settlement banks, and subject these business to the RMB purchase and sa

413、le business.3. Improvement of the Management for Domestic Securities Investment of RQFIIIn June 2018, in order to further optimized the management requirements for RQFII to open and use domestic investment accounts, canceled the lock-up period of other products, and met the demand for foreign exchan

414、ge risk hedging, the PBC and SAFE jointly issued the Notice on the Rules of Domestic Security Investment by RMB Qualified Foreign Institutional Investors (PBC Document 2018 No.157). 4. Improvement of the Cross-border RMB Purchases and Sales BusinessesIn June 2018, the PBC issued the Notice on Improv

415、ing the Management of RMB Purchases and Sales Businesses (PBC Document 2018 No.159), expanded the scope of purchases PART THREE Policies and Relevant Reforms107and sales businesses to current account, capital and financial account such as direct investment and the approved securities investment, and

416、 expanded the trading varieties to spot, forward, foreign exchange swaps, currency swaps and options so as to strengthen the coordination with financial market interconnection mechanism and improve the capacity of financial services to support the real economy. At the same time, the notice allowed o

417、verseas participating banks and overseas groups to centralize purchase and sales businesses, further facilitating overseas institutions to handle purchases and sales businesses.5. Standardization of the Issuance of Panda BondsIn September 2018, the PBC and MOF jointly issued the Interim Rules for th

418、e Administration of Bond Issuances by Overseas Institutions on Chinas Interbank Bond Market (PBC, MOF Public Announcement 2018 No.16), comprehensively standardized the issuance approval, the registration procedure, custody and settlement, and information disclosure management of Panda Bond, and clar

419、ified the issues of accounting standards and audit supervision that were widely concerned by the market.III. Improvement of Macro-prudential ManagementIn January 2018, in order to guide commercial banks to prudently manage the risk of cross-border capital flow, the PBC introduced the counter-cyclica

420、l adjustment coefficient in the RMB cross-border account financing business of commercial banks, and set the upper limit of account financing according to the RMB deposit balance of domestic agents at the end of last year. In April, the PBC improved the management of cross-border RMB cash pooling bu

421、siness by setting macro-prudential adjustment coefficients of the net inflow and outflow of the cash pools, strengthening the management of host enterprises, member enterprises and settlement banks of the cash pools, and reinforcing operational and post-operational management. At the same time, the

422、PBC strengthened the daily monitoring, analyzing and early warning for cross-border capital flow, urged financial institutions to implement self-discipline management of cross-border RMB business, and promoted the sustained and healthy development of cross-border RMB business. In August, to prevent

423、macro financial risks and promote sound operation of financial institutions, the PBC adjusted the 2019 RMB INTERNATIONALIZATION REPORT108foreign exchange risk reserve ratio of forward foreign exchange sales from 0 to 20%, and re-introduce the “counter-cyclical factor” in central parity quotation of

424、RMB against USD.Box 8 The Interim Achievement in the Foreign Exchange Self-disciplinary MechanismIn August 2018, the Foreign Exchange Self-disciplinary Mechanism released the Operational Guidelines for Commercial Banks on Cross-border RMB Business (hereinafter referred to as the Operational Guidelin

425、es) and the Business Principles for Commercial Banks to Conduct Cross-border RMB Business (hereinafter referred to as the Business Principles), which marked the formation of a relatively complete market self-disciplined mechanism, effectively promoted banks to implement the principles of knowing you

426、r customer, knowing your business and due diligence, and enhanced banks capacity to verify authenticity and compliance. The Operational Guidelines and the Business Principles basically covered all the cross-border RMB business carried out at present, including business definition, policy basis, cust

427、omer identification, customer classification, verification, key points of verification and operation and risk hints etc. In order to facilitate detailed operation, the Operational Guidelines and the Business Principles went into details according to different business scope. The formulation of cross

428、-border RMB business self-disciplinary mechanism was conducive for banks to implementing the principles of knowing your customer, knowing your business and due diligence, enhancing their capacity to verify authenticity and compliance, and preventing related risks. It well solved the problem that spe

429、cific business operations, auditing standards and auditing dimensions might vary from bank to bank, and was conducive to standardizing cross-border RMB business, cultivating banks awareness of prudence in the conduct of business, and promoting the long-term and healthy development of RMB internation

430、alization.PART THREE Policies and Relevant Reforms109IV. Improvement of the RMB Exchange Rate Formation RegimeSince 2018, in the face of the complicated external environment, the PBC insisted to focus on the domestic situations while giving due consideration to international factors, thereby achievi

431、ng a comprehensive balance among multiple objectives. In the first quarter, under the background of a weaker USD and a basic balance of cross-border capital flow and supply and demand of foreign exchange, the PBC allowed market supply and demand play the decisive role in the formation of exchange ra

432、te, and gradually made the earlier counter-cyclical regulatory policy return to neutrality. Since the second quarter, despite the RMB exchange rate depreciation, the PBC continued to steadily deepen the market-oriented reform of the RMB exchange rate, maintain the flexibility of the RMB exchange rat

433、e, and make the exchange rate work as an automatic stabilizer in adjusting the macroeconomy and the balance of international payments. At the same time, macro-prudential policy and a series of other targeted measures had been taken according to the changing situation, including strengthening communi

434、cation with the market, raising the risk reserve ratio for forward sale of foreign exchange, as well as reapplying the counter-cyclical factor in central parity quotation. The PBC had also innovated and enriched the toolbox of regulation to guide and stabilize market expectations. The above measures

435、 had released positive signals and achieved positive results. In 2018, the cross-border capital flows, exchange rate expectations and the operation of foreign exchange market were basically stable, and the RMB exchange rate remained basically stable at a reasonable and balanced level.2019 RMB INTERN

436、ATIONALIZATION REPORT110PART FOUR Development of the Offshore RMB MarketIn 2018, the offshore RMB market maintained healthy and steady development with its width and depth constantly increasing and the interaction between onshore and offshore market further improving. Confidence of the offshore mark

437、et in RMB was enhanced, investment behavior turned out to be more rational, offshore RMB exchange rate moved around the onshore price, and various indicators of RMB business stabilized and improved. With further improvement of Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bo

438、nd Connect mechanisms, channels for cross-border investment were further dredged with the investment in domestic RMB assets growing rapidly. Offshore markets demand for high-quality RMB-denominated assets increased, and RMB-denominated central bank bills were welcome in Hong Kong.I. Offshore RMB Int

439、erest Rate and Exchange Rate 1. Interest RateIn 2018, offshore RMB interest rate fell overall with less volatility compared with the previous years, and different maturities showed divergence: the fluctuation of short-term interest rates remained stable while that of longer-term interest rates fell

440、overall. At the end of 2018, Hong Kong Interbank Offered Rate (HIBOR) for overnight lending fixing rate of RMB was 1.73%, the same as the end of 2017, and the 7-day, 3-month and 1-year HIBOR were 2.80%, 3.58% and 3.83% respectively, dropping 21, 122 and 124 basis points from the end of 2017 respecti

441、vely. In 2018, the interest rate of offshore market was holistically higher than that of the onshore market, with HIBOR averagely 0.04 percentage point higher than SHIBOR. The interest rate spread between China and the United States narrowed and the offshore RMB-swap prices fell with fluctuation fol

442、lowing the onshore RMB-swap PART FOUR Development of the Offshore RMB Market111Figure 4-1 Movement of Hong Kongs Offshore RMB Lending Rate in 2018 (1)Figure 4-2 Movement of Hong Kongs Offshore RMB Lending Rate in 2018 (2)Source: Reuters.Source: Reuters.1- month1-weekOvernight1-year6-month3-month8765

443、432102018.01.022018.02.022018.03.022018.04.022018.05.022018.06.022018.07.022018.08.022018.09.022018.10.022018.11.022018.12.02765432102018.01.022018.02.022018.03.022018.04.022018.05.022018.06.022018.07.022018.08.022018.09.022018.10.022018.11.022018.12.02%2019 RMB INTERNATIONALIZATION REPORT112prices.

444、 In the first half year, the price spread of one-year RMB-swap between offshore and onshore markets mainly remained between 100 and 300 PIPS. As the northbound capital under Bond Connect, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in August, and onshore foreign exchange ri

445、sk reserves ratio of forward foreign exchange sales was adjusted, the price spread between offshore and onshore RMB-swap widened, the spread between HIBOR and SHIBOR turned from 0.39% in the first half year to -0.29% in the latter half year, and the spread of 1-month and 3-month rates expanded from

446、0.10% and 0.14% in the first half year to 0.76% and 0.90% in the latter half year respectively. 2. Exchange RateIn 2018, the exchange rate of offshore RMB saw larger two-way fluctuations and remained generally consistent with the exchange rate of onshore RMB, and the exchange rate of onshore and off

447、shore RMB slightly narrowed with the depreciation expectation declining in general. In 2018, the exchange rate of offshore RMB performed strongly in the first half year and once appreciated to 6.25, then weakened Figure 4-3 Movement of Hong Kong Offshore RMB Exchange Rate against USD in 2018Source:

448、Reuters.2018.01.022018.02.022018.03.022018.04.022018.05.022018.06.022018.07.022018.08.022018.09.022018.10.022018.11.022018.12.02USD/CNH: spot rate (LHS)Rate of implies depreciation (RHS)USD/CNY: NDF: 1-year (LHS)0.500.00-0.50-1.00-1.50-2.00-2.50-3.00-3.50-4.007.27.06.86.66.46.26.05.8%PART FOUR Devel

449、opment of the Offshore RMB Market113in the latter half year and closed at 6.88 at the end of the year. Spot rate depreciated by 5.33% compared with the end of 2017, one-year Non-deliverable Forwards (NDF) depreciated by 3.96% from the beginning of 2018, and the rate of implied depreciation narrowed

450、from 1.86% in early 2018 to 0.60% at the end of 2018, with a declining deprecation expectation of RMB exchange rate. The exchange rate of offshore RMB fluctuated around that of onshore market, with the number of trading days when the exchange rate of offshore RMB was stronger than the central parity

451、 rate of the RMB against the USD roughly the same as that when the offshore RMB was weaker. The average exchange rate spread between offshore and onshore RMB of the year was 102 basis points, narrowed by 27 basis points from 2017, and the average daily exchange rate spread was 128 basis points, narr

452、owed by 13 basis points from 2017. II. Offshore RMB Deposits and Loans According to incomplete statistics, by the end of 2018, the amount of outstanding RMB deposits in major offshore markets exceeded RMB 1.2 trillion yuan (interbank deposits excluded). Among which the amount of outstanding RMB depo

453、sits in Hong Kong was RMB 615 billion yuan, ranking the first of the world, with a year on year increase of 10%, accounting for 5.4% of the total amount of outstanding deposits in Hong Kong SAR of China and 10.8% of foreign currencies deposits in Hong Kong. The amount of outstanding RMB deposits in

454、Taiwan, China was nearly RMB 300 billion yuan, ranking the second of the world, with a year on year decrease of 7.4%, accounting for 3.9% of the total deposits of Taiwan and 23.2% of foreign currencies deposits in Taiwan. The amount of outstanding RMB deposits was over RMB 56.2 billion yuan in the U

455、nited Kingdom and was nearly RMB 50 billion yuan in Singapore, ranking the third and fourth of the world respectively. According to incomplete statistics, by the end of 2018, the amount of outstanding RMB loans in major offshore markets exceeded RMB 381 billion yuan. Compared with 2017, the decline

456、significantly slowed. Among which the amount of outstanding RMB loans in Singapore was RMB 110.9 billion yuan, exceeding Hong Kong SAR of China and ranking the first of the world; Hong Kong SAR of China ranked the second with the amount of RMB 105.6 billion yuan, and UK ranked the third with the amo

457、unt of over RMB 49.2 billion yuan.2019 RMB INTERNATIONALIZATION REPORT114III. Offshore RMB Security FinancingIn 2018, the offshore RMB-denominated bonds market rebounded. According to incomplete statistics, the total issuing scale of RMB-denominated bonds by countries and regions with established RM

458、B clearing banks amounted to RMB 171.9 billion yuan in 2018, with a year on year increase of 115.6%, among which RMB-denominated bonds issued in Hong Kong amounted to RMB 41.9 billion yuan over the year, increasing by nearly 70% from 2017. As of December 2018, the total balance of outstanding RMB-de

459、nominated bonds in countries and regions with RMB clearing banks amounted to RMB 415.1 billion yuan, with a year on year decrease of 18.5%; the balance of issued RMB-denominated Certificate of Deposits (CDs) amounted to RMB 106.6 billion yuan, with a year on year increase of 1,211%; and the balance

460、of issued RMB-denominated funds amounted to RMB 26.2 billion yuan, with a year on year increase of 59.1%. Figure 4-4 Hong Kongs RMB Deposits and Loans during 2017-2018Source: Hong Kong Monetary Authority.RMB loansRMB depositsBillion yuan70060050040030020010002017.022017.032017.042017.052017.062017.0

461、72017.082017.092017.102017.112017.122018.012018.022018.032018.042018.052018.062018.072018.082018.092018.102018.112018.12PART FOUR Development of the Offshore RMB Market115After the first overseas issuance of RMB-denominated central-bank bills in London in 2015, the PBC issued RMB-denominated central

462、-bank bills in Hong Kong successively in November 2018 and February 2019.In September 2018, the PBC signed a MOU with Hong Kong Monetary Authority (HKMA) to facilitate issuance of central-bank bills in Hong Kong. In November, the PBC issued RMB 20 billion yuan of RMB-denominated central-bank bills b

463、y HKMAs Central Money Market Unit (CMU) bond tendering platform, among which the three-month and one-year bills accounted for RMB 10 billion yuan respectively and the bid rates were 3.79% and 4.20% respectively. In February 2019, the PBC issued another RMB 20 billion yuan of central-bank bills denom

464、inated in RMB with the same maturity structure, and the bid rates for three-month and one-year bills stood at 2.45% and 2.80% respectively. The issuance attracted active subscriptions by a large number of investors in the offshore market, ranging from commercial banks, funds, investment banks, secur

465、ities traders, central banks, and international financial organizations. The bid-to-cover ratio exceeded 6 times for both issuances.Welcome and actively subscribed by offshore market investors, the issuance of RMB-denominated central-bank bills in Hong Kong was in line with the market demand, expand

466、s the spectrum of RMB investment products with high credit ratings in Hong Kong and diversifies the tools for RMB liquidity management. It was also conducive to improving the yield curve of RMB bonds in Hong Kong and promoting the internationalization of the RMB.Box 9 Issuance of RMB-denominated Cen

467、tral-bank Bills in Hong KongIV. Global RMB Foreign Exchange TradingIn 2018, RMB foreign exchange trading around the world increased steadily. According to statistics released by Bank for International Settlements (BIS) in April 2016 (released on a triennial basis), RMB ranked eighth among the most a

468、ctive currencies for global trading, and ranked the first among emerging-market currencies. The average daily trading volume of RMB around the world increased from USD 2019 RMB INTERNATIONALIZATION REPORT116120 billion in 2013 to USD 202 billion, while the share of RMB trading volume in the global f

469、oreign exchange market rose from 2% in 2013 to 4%. Growth of RMB trading was mainly from growth of trading of RMB against USD, which accounts for 95% of the total trading amount of RMB against all foreign currencies. The total trading volume of RMB against USD increased from the ninth in 2013 to the

470、 sixth in the global ranking, and the average daily trading amount increased from USD 113 billion in 2013 to USD 192 billion. According to SWIFT statistics, RMB was one of the most active currencies in global foreign exchange market. At present, RMB foreign exchange trading volumes in the United Kin

471、gdom, Hong Kong SAR of China, the United States and Singapore rank the top four in the offshore market, accounting for over 80% of the RMB offshore foreign exchange trading in total.In 2018, varieties of offshore RMB-denominated equity investment products were more diversified. Over-the-counter (OTC

472、) products included spot, forward, swap, currency swap, NDFs, options, futures, ETF and REIT, with active trading and investment. Offshore RMB OTC markets mainly concentrated in Hong Kong SAR of China, Singapore and Taiwan, China, providing futures of RMB against USD and standardized options of RMB

473、against USD. In 2018, the average daily trading volume of futures of RMB against USD in Hong Kong Exchanges and Clearing Limited was 7,135 contracts, a year on year increase of 138%. The average daily trading volume of options of RMB against USD in Hong Kong Exchanges and Clearing Limited was 122 co

474、ntracts, increasing by 125% over 2017. As of December 2018, the turnover of open interest for futures of RMB against USD exceeded 30,000 contracts and for options of RMB against USD reached 5,625 contracts. Average daily trading volumes of futures of all currencies against RMB reached new highs. V.

475、Offshore RMB ClearingAs of the end of 2018, the clearing amount of offshore RMB clearing banks reached RMB 316.61 trillion yuan, with a year-on-year increase of 11%. Among which, the amount of valet clearing was RMB 29.41 trillion yuan with a year on year increase of 8.3%, and the amount of interban

476、k clearing was RMB 287.2 trillion yuan with a year on year increase of 11.2%. As of the end of 2018, altogether 886 participating banks and other institutions opened clearing accounts in overseas clearing banks, increasing PART FOUR Development of the Offshore RMB Market1173.1% year on year. In 2018

477、, RMB clearing amount conducted by RTGS reached RMB 241 trillion yuan with a year on year increase of 11.8% in Hong Kong, reaching the highest level in history.United Kingdom. According to SWIFT, London was the largest RMB foreign exchange trading center of the world, the region with the most use of

478、 RMB other than Hong Kong, as well as one of the most active markets for the issuance and trading of offshore RMB-denominated bonds. RMB foreign exchange trading in London includes spot, forward, swap and options. According to the Bank of England, by the end of December 2018, the volume of RMB forei

479、gn exchange trading in London accounted for 36.1% of the global total, 6.5 percentage points higher than Hong Kong (ranking second), with the average daily trading volume reaching GBP 76.6 billion. As of the end of 2018, there were 114 undue RMB-denominated Box 10 Development of Major Offshore RMB M

480、arkets Other than Hong Kong FX spotForwardsFX swapsFX optionsOthersMillion pounds90,00080,00070,00060,00050,00040,00030,00020,00010,00002015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4Figure 4-5 Average Daliy RMB Foreign Exchange Trading Volume in Lond

481、on during 2015-2018Source: Bank of England.2019 RMB INTERNATIONALIZATION REPORT118bonds and the volume reached RMB 33.6 billion yuan in London market. In 2018, the London Stock Exchange newly issued 42 RMB-denominated bonds with a total amount of RMB 12.5 billion yuan, both issuers and issuing amoun

482、t grew significantly from 2017.Singapore. In 2018, the volume of cross-border RMB settlements between China and Singapore exceeded RMB 1.4 trillion yuan, ranking second, Hong Kong ranked first. According to SWIFT statistics, Singapore was the market with the second most use of RMB other than Hong Ko

483、ng; it had an active foreign exchange and derivative market, and served as one of the most active markets for the issuance and trading of offshore RMB-denominated bonds. Singapore Exchange (SGX) provided trading of RMB-denominated futures and securities. As of the end of 2018, the volume of RMB-deno

484、minated foreign exchange futures trading in SGX totaled USD 530 billion. For RMB-denominated securities, SGX provided services of listing, quotation, transaction, clearing and settlement, as well as convenience for investors transaction on RMB, Singapore Dollar and other foreign currencies through t

485、he dual currency quotation mechanism. As of the end of 2018, Singapore market had in total 87 undue RMB-denominated bonds amounting to RMB 47.6 billion yuan. In 2018, Singapore market newly issued 35 RMB-denominated bonds with a total volume of RMB 20.6 billion yuan.United States. According to SWIFT

486、 statistics, in 2018, the volume of RMB foreign exchange trading in the USA accounted for 8.5% of the global volume and ranked third of the world after the United Kingdom and Hong Kong SAR of China. In February 2018, the PBC authorized the JP Morgan Chase & Co. as the RMB clearing bank in the USA, t

487、he first authorized foreign-funded RMB clearing bank.Luxembourg. Luxembourg was playing an increasingly important role in the global RMB investment and financing. According to the Central Bank of Luxembourg, in 2018, RMB-denominated bonds listed in the Luxembourg Stock Exchange (LuxSE) accounted for

488、 26% of the global and had exceeded Hong Kong to be the largest offshore RMB-denominated bond issuance center of the world. Luxembourg was also PART FOUR Development of the Offshore RMB Market119the largest country for the registration of investment funds to China, over 29% of the investment funds t

489、o China chose to register in Luxembourg, the management scale of RMB-denominated investment funds exceeded RMB 330 billion yuan, and about 78% of European funds that invested to China were registered in Luxembourg.Germany. In 2018, the volume of cross-border RMB settlements between China and Germany

490、 approached RMB 663 billion yuan, ranking only next to Hong Kong SAR of China and Singapore. German real enterprises, especially large and medium-sized multinational enterprises which had traded with China, had high acceptance of RMB. They began to hold and invest in RMB products, including intragro

491、up pricing and settlement in RMB, issuance of Panda Bonds and offshore RMB-denominated bonds, and building of cross-border RMB cash pools, in the earlier times.South Korea. In 2018, the volume of cross-border RMB settlements between China and South Korea exceeded RMB 611.5 billion yuan, ranking next

492、 to Hong Kong SAR of China, Singapore and Germany. South Korea introduced the interbank RMB/KRW direct trading market at the end of 2014; in 2018, the average daily volume (unilateral) of the Seoul direct trading market was 2,300 transactions with the turnover of about RMB 12 billion yuan. Foreign e

493、xchange trading products in South Korea include spot, forward, swap and futures. The Korea Exchange (KRX) provides services of listing, quotation, transaction, clearing and settlement for RMB-denominated securities, as well as convenience for investors transaction of RMB, KRW and other foreign curre

494、ncies through the dual currency quotation mechanism. United Arab Emirates. Since the establishment of RMB clearing mechanism arrangements in the United Arab Emirates (UAE) in 2016, the amount of RMB business in the UAE increased rapidly with a year on year growth rate of 144%. According to SWIFT sta

495、tistics, the amount of RMB business in the UAE in 2018 totaled RMB 747.7 billion yuan, ranking the first among all Arab countries and accounting for 58% of the total. At present, central banks of China and the UAE had established a full range of cooperation including RQFII pilots, bilateral local cu

496、rrency swap agreements, establishment of local RMB clearing mechanism 2019 RMB INTERNATIONALIZATION REPORT120arrangements, and direct trading of currencies of the two countries. To further expand RMB business in local and the Middle East, the Central Bank of the UAE held a specialized forum on RMB i

497、n Abu Dhabi, capital of the country, in December 2018, together with the local RMB clearing bank, and the forum received good responses.PART FIVE Economic and Financial Status of Major Economies in the World121PART FIVE Economic and Financial Status of Major Economies in the WorldIn 2018 the global

498、economy continued to grow but at a slower pace as growth turned to be less synchronized. The growth of global trade slowed down, the international direct investment decreased, and the global financial market volatility heightened. Growth rate of most economies in the world fell down, except a few of

499、 economies such as the US. According to the World Economic Outlook issued by IMF in April 2019, the world economy grew by 3.6% in 2018, 0.2 percentage point lower than 2017, with the developed countries growing by 2.2% and the emerging market and developing countries growing by 4.5%. Major developed

500、 economies continued to push forward monetary policy normalization process, while most emerging market economies tightened their monetary policies following the US or kept a stance of neutral monetary policy. I. United StatesIn 2018, the US experienced relatively strong economic growth, with a highe

501、r inflation rate than 2017 and a falling unemployment rate from a low level. The consumer spending grew more quickly. The US economy grew by 2.9% in 2018, with an increase of 0.7 percentage point from 2017. Monetary policy normalization continued, with the raising of target range of the federal fund

502、s rate and the on-going reduction of federal reserve balance sheet. Under the influence of the federal reserve rate hike and other factors, LIBOR for USD rose modestly, with 1-year LIBOR at 3.0054% as of the end of December 2018. The global financing cost and liquidity of the USD were tightened. The

503、 USD index closed at 96.17 at the end of 2018, with a year-on-year increase of 4.4%. Based on the latest data released by IMF, the global official foreign reserve assets were USD 10.73 trillion as of the end of the fourth quarter of 2018, of which the USD assets accounted for 61.7%, declining for 3

504、consecutive quarters. 2019 RMB INTERNATIONALIZATION REPORT122II. Euro ZoneIn 2018, Euro zone economic growth slowed, the overall consumer price rose, the core inflation remained relatively stable, and the unemployment rate continued to fall. Its export growth rate declined and business optimism weak

505、ened. Euro zone economy grew by 1.8%, 0.6 percentage point less than 2017. The European Central Bank (ECB) maintained the interest rates on the main refinancing operations, the marginal lending facility and the deposit facility unchanged, and kept the asset purchase amount unchanged, too. Under the

506、influence of factors such as the expectation that the ECB would tighten the monetary policy, EURIBOR rose modestly, with 1-year EURIBOR at the level of -0.117% as of the end of December 2018. The exchange rate of EURO against USD closed at 1.1469 dollars per euro at the end of 2018, depreciating 4.3

507、9% year on year. According to the latest data released by IMF, as of the end of Q4 of 2018, the EURO accounted for 20.7% of the global official foreign reserve assets, which was the highest level since the fourth quarter of 2014. III. JapanThe Japanese economic fluctuation was aggravated in 2018, wi

508、th low inflation expectations, nearly full employment in labor market, and inadequate impetus for enterprises to increase wages. The Japanese economy grew by 0.8% in 2018, 1.1 percentage points lower than 2017. The Bank of Japan continued to implement quantitative and qualitative monetary easing und

509、er the yield curve control, and maintained unchanged both the excess reserve ratio and the asset purchase amount. At the end of 2018, the exchange rate of JPY against USD closed at 109.56 yen per dollar, appreciating 2.84% year on year. Based on the latest data released by IMF, as of the end of Q4 o

510、f 2018, the JPY assets accounted for 5.2% of the global official foreign reserve assets. IV. United KingdomThe economy of the United Kingdom grew at a low rate in 2018, with inflation falling, labor market tightening and the employment rate rising to a record high. The UKs economy grew by 1.4% in 20

511、18, 0.4 percentage point less than 2017. The Bank of England hiked the benchmark interest rate and maintained the asset purchase amount unchanged. The exchange rate of GBP against USD closed at 1.2757 dollars per pound PART FIVE Economic and Financial Status of Major Economies in the World123at the

512、end of 2018, depreciating 5.59% year on year. According to the latest data released by IMF, as of the end of Q4 of 2018, the pound assets accounted for 4.4% of the global official foreign reserve assets. V. Emerging MarketsIn 2018, the economic performance of emerging market economies continued to b

513、e diversified. Some of them experienced both slower economic growth and high inflation at the same time, with intensified shocks to their foreign exchange markets, stock markets and bond markets. And massive capital outflows re-emerged. India maintained relatively quick economic growth in 2018, with

514、 a year-on-year growth rate of 8.2% in the second quarter and a slower growth rate of 6.6% in the fourth quarter. The Brazilian economic development impetus recovered with a economic growth rate of 1.1% for the whole year. Russian economy began to stabilize with the recovery of prices of commodities

515、 such as oil, with inflation under control and financial market in fluctuation. Russian economy grew by 2.3% in 2018. The economy of South Africa showed slight improvement in the third quarter, while its unemployment rate was still high. The GDP of Argentina contracted continuously with the impact o

516、f financial market turmoil. The economic status of Turkey worsened remarkably due to the economic sanction and monetary crisis. Under the tightening of global financial conditions and depreciation of local currencies, central banks from many countries, such as India, the Philippines, Indonesia, Turk

517、ey, Argentina, Russia, and Mexico, hiked rates following the Federal Reserve or kept the stance of monetary policy toward neutrality. The Argentine Peso, the Turkish Lira, the Brazilian Real and the Indian Rupee depreciated 50.6%, 28.3%, 14.7% and 8.2% respectively against the USD. In 2018, the Russ

518、ian Ruble lost 17.3% against the USD and the Mexican Peso against the USD at the end of 2018 stayed basically the same as the beginning of 2018. Box 11 More Countries Promulgated Policies for Settlement in RMBIn January 2018, The State Bank of Pakistan announced to include RMB in the currency basket

519、 usable in trade settlement, besides the currencies of G7 nations. It specified that both public and private sectors could use RMB in bilateral trade and investment between China and Pakistan, and designated RMB as the currency that could be used for forward hedge. This measure promoted many local b

520、anks to seek to start RMB business. 2019 RMB INTERNATIONALIZATION REPORT124In April 2018, the PBC and the Central Bank of Nigeria signed a bilateral local currency swap agreement. The Central Bank of Nigeria allowed Nigerian importers to settle payments in RMB when importing Chinese goods such as ma

521、chineries, and provided RMB liquidity to local commercial banks by purchasing and selling regularly to satisfy the demand for RMB in local market. For the above purpose, the Central Bank of Nigeria specially formulated Regulations for Transactions with Authorized Dealers in RMB, making detailed stip

522、ulation regarding the eligibility for purchasing and selling, the mode of payment, and the intervention conducted by the Central Bank of Nigeria in the use of RMB. In August 2018, the State Bank of Vietnam promulgated the Guidelines on Management of Foreign Exchange for Border Trade between Vietnam

523、and China, which had come into effect since October 2018. The Guidelines specifies that RMB can be used in the settlement for border trade between China and Vietnam, and expands the pilot area from 20 kilometers along the borderline to seven border provinces. In the light of the Guidelines, Vietname

524、se enterprises and individuals engaging in border trade can open RMB accounts, and banks in the border area can open RMB interbank accounts to carry out RMB settlement for the trade. As per the Guidelines banks outside the border area can authorize Vietnamese banks in border area as agent banks to c

525、onduct RMB settlement for their border trade. In January 2019, the Central Bank of Myanmar issued new foreign exchange policies, permitting banks with foreign exchange trading license to make international settlement in RMB. Banks engaged in foreign exchange trading can open RMB interbank accounts.

526、RMB remittance for trade and investment can be converted into kyat in banks, and clients can also convert kyat into RMB through banks for overseas payment. PART SIX Outlook125PART SIX OutlookRMB internationalization was determined by market force, and a natural process. Just as a Chinese saying goes

527、, when water flows, a channel was formed. In the past decade, the function of RMB internationalization was mainly reflected in international payment and settlement, and the way forward would be to make RMB a freely usable currency. First, the PBC would insist on the principle of market-orientation,

528、constantly remove restrictions on the cross-border use of RMB, and explore ways to promote a higher level of the pilot program to facilitate trade and investment. Second, the PBC would continuously promote the two-way opening up of domestic financial market, and further facilitate foreign investors

529、to use RMB to invest in domestic bonds and stocks. Third, the PBC would guide a healthy development of RMB offshore market, increase the degree of free use of RMB, and promote a constructive interactions and deep integration between the offshore and onshore markets. Fourth, the PBC would improve mac

530、ro-prudential management and deliver a good work on counter-cyclical adjustments to prevent cross-border capital flow risks.I. RMBs Function as a Payment Currency Would be StrengthenedAs the scale of Chinas foreign trade and investment continued to expand, the policy of RMB cross-border use covered

531、all aspect, and various reforms continued to advance, there would be more market entities accepting RMB as payment and settlement currency. The initiative of “the Belt and Road” had been gradually implemented, which would lead to more use of RMB in countries along the Belt and Road. As the barriers

532、on the use of RMB in more countries were gradually removed, cross-border RMB settlement was expected to continue to grow steadily. The Free Trade Zone and the Guangdong-Hong Kong-Macau Greater Bay Area would become new source for the growth of RMB cross-border payment.2019 RMB INTERNATIONALIZATION R

533、EPORT126II. RMBs Function as an Investment and Financing Currency Would be DeepenedWith the increasing width and depth of the two-way opening-up of Chinas financial market, the continuous improvement of Shanghai & Shenzhen-Hong Kong Stock Connect, Bond Connect and other investment channels in the do

534、mestic financial market, the orderly progress of the financial market inter-connection in Guangdong-Hong Kong-Macau Greater Bay Area, and the inclusion of Chinese bonds into internationally important indexes, there would be a rapid growth for foreign entities to participate in domestic financial mar

535、kets.III. RMBs Function as a Reserve Currency Would be RealizedAfter RMBs inclusion into the SDR, the role of RMB had been rising. With the further deepening of Chinas currency cooperation with the foreign world, the continuously expanding of channels for foreign central banks and similar institutio

536、ns investing in Chinas financial markets, and the constantly enhancing of the agency service of the PBC and domestic financial institutions, the willingness to hold the RMB as a reserve currency by foreign central banks and monetary authorities would obviously increase.IV. RMBs Function as a Pricing

537、 Currency Would See More DevelopmentThe pricing function of RMB in governments foreign-related statistics, calculation and management had been further enhanced. The role of domestic futures prices as a pricing benchmark for trading of bulk commodities such as oil and iron ore had initially emerged.

538、The increasingly matured futures market had been gradually introduced to foreign traders, RMBs function as a pricing currency would see more development.V. The Bilateral Monetary Cooperation Would be PromotedThe PBC would continue to steadily advance the cooperation with central banks and monetary a

539、uthorities in other countries and regions, optimize the framework of monetary cooperation, promote global mainstream financial institutions to provide more RMB products and services, and continue to make the bilateral monetary cooperation play an active role in facilitating bilateral trade and inves

540、tment and maintaining financial stability.PART SIX Outlook127In 2018, Bank of China conducted a market survey among 3,274 domestic and foreign industrial and commercial enterprises and 94 financial institutions in major countries and regions using RMB, with the following main findings:First, the dom

541、estic and foreign entities continued to have positive anticipation on the international use of RMB. About 77% of domestic and overseas respondents, which was 1 percentage point higher than 2017, anticipated that the international monetary status of RMB would approach to the international currencies

542、of USD, EUR, JPY and GBP. Furthermore, a new record high of 50% of respondents anticipated that RMB would be on a par with international currencies such as USD and EUR. Over 30% of foreign financial institution respondents held the viewpoint that the status of RMB as one of the international currenc

543、ies would approach to JPY and GBP, and over 30% of foreign financial institution respondents thought that the status of RMB as one of the international currencies would approach to USD and EUR, and thus the proportion of foreign financial institution respondents optimistic about the international st

544、atus of RMB amounted to over 60%.Box 12 Annual Market Survey on RMB International Usage Figure 6-1 Anticipation of Domestic and Foreign Enterprises on the International Role of RMBClose to GBP & JPYClose to USD & EUR%9080706050403020100201320142015201620172018312941234429423047295027Source: PBC.2019

545、 RMB INTERNATIONALIZATION REPORT128Second, foreign financial institutions had gradually expanded their own RMB related services from the fundamental products such as cross-border settlement, clearing, spot exchange to the fields of RMB loans, bond investments and derivatives. The survey showed that

546、45% of foreign financial institution respondents, which was 12 percent points higher than 2017, were able to provide three or more cross-border RMB products or services.Figure 6-2 Anticipation of Foreign Financial Institutions on the International Role of RMBThird, more than 70% of domestic enterpri

547、se respondents responded that their foreign counterparties accepted the contracts priced and settled in RMB. The research results revealed that 18% of them, which remained steady in recent three years, responded that they could still persuade their foreign counterparties to accept RMB as the pricing

548、 currency even in the situation of exchange rate volatility. They thought that the main restrictions to the pricing function of RMB were the insufficient competence of bargaining for domestic enterprises, the shortage of source of overseas RMB and the relatively limited channels for RMB investments.

549、Close to USD & EURClose to GBP & JPYInferior to GBP & JPYHard to evaluate34%21%12%33%PART SIX Outlook129%454035302520151050Accept smoothly344081720172018%50403020100432420151563102234123456 & more than 652Figure 6-3 RMB Products and Services Provided by Foreign Financial InstitutionsFigure 6-4 Accep

550、tance of RMB by Foreign Trade Counterparties of Domestic EnterprisesSource: PBC.Source: PBC.Accept by negotiationNot concernNot accept 2019 RMB INTERNATIONALIZATION REPORT130Figure 6-5 Proportion of Domestic Enterprises Sticking to RMB Pricing in the Situation of FX VolatilityFigure 6-6 Proportion o

551、f Foreign Enterprises and Financial Institutions Considering RMB as a Financing Currency%201816141210864202013201420152016201720181918181632Source: PBC.20172018%8070605040302010073766162Foreign enterprisesForeign financial institutionsSource: PBC.PART SIX Outlook131Fourth, in the difficulty of acces

552、sing to financing in USD and other international currencies due to the change of market situation, 76% of foreign enterprise respondents and 62% of foreign financial institution respondents expressed their willingness to consider RMB as the financing currency, both of which were higher than 2017. Fi

553、fth, foreign financial institutions were more inclined to RMB assets allocation than enterprises. The survey showed that about 77% of foreign enterprise respondents exchanged the RMB they received into local currencies, and around 14% of them held RMB in the form of deposit for certain purposes such

554、 as paying for trade, and 9% of them invested in bonds or shares and other financial products. The survey also showed that about 43% of foreign financial institution respondents considered to increase the weight of RMB assets in their portfolios, which was 5 percentage points higher than 2017. Among

555、 the financial institution respondents planning to increase the weight of RMB in their assets, 69% said that they would invest in RMB bond assets, which was 9 percentage points higher than 2017. In terms of the types of bond investments, about 75% of foreign financial institution respondents were pl

556、anning to increase the weight of Chinese government bonds. Compared with the bonds issued by developed countries such as the US, European countries and Japan, Chinese government bonds featured with more safety, more liquidity, and with higher yield. Chinese government bonds became the first choice w

557、hen the foreign financial institutions invested in Chinese mainland bond market. In terms of the maturity structure, the foreign financial institution respondents preferred the short-term bonds with maturity less than three years. The respondents planning to invest in bonds with maturity less than o

558、ne year and from 1 to 3 years both accounted for 28%, while the respondents planning to invest in bonds with maturity from three to five years and more than five years accounted for 14% and 7% respectively.2019 RMB INTERNATIONALIZATION REPORT13220172018%90807060504030201007713108212578149Exchanging

559、to local currenciesHolding inform of RMB depositInvesting in RMB assets2016Figure 6-7 Trading Behaviors of Foreign Enterprises When Receiving RMBFigure 6-8 Proportion of Foreign Financial Institutions Planning to Increase RMB Financial AssetsSource: PBC.20172018%8070605040302010029112656069Other typ

560、e of assetsShares & equity assetsBonds assetsSource: PBC.PART SIX Outlook133Figure 6-9 The Foreign Financial Institutions Investment Preference as to the Type of RMB BondFigure 6-10 The Foreign Financial Institutions Investment Preference as to the Maturity of RMB Bond%302520151050Bonds with unspeci

561、fic duration282814723%80706050403020100Corporate bondsFinancialbondsBonds of unspecific typesGovernment bonds752140Source: PBC.Source: PBC.More than 5 yearsLess than 1 year3 to 5 years1 to 3 years2019 RMB INTERNATIONALIZATION REPORT134PART SEVEN Highlights of RMB Internationalization 2009On January

562、20, The PBC and the Monetary Authority of Hong Kong (HKMA) signed a bilateral local currency swap agreement of RMB 200 billion yuan/HKD 227 billion.On February 8, The PBC and the Bank Negara Malaysia signed a bilateral local currency swap agreement of RMB 80 billion yuan/MYR 40 billion.On March 11,

563、The PBC and the National Bank of the Republic of Belarus signed a bilateral local currency swap agreement of RMB 20 billion yuan/BYR 8 trillion.On March 23, The PBC and Bank Indonesia signed a bilateral local currency swap agreement of RMB 100 billion yuan/IDR 175 trillion.On April 2, The PBC and th

564、e Central Bank of Argentina signed a bilateral local currency swap agreement of RMB 70 billion yuan/ARS 38 billion.On April 20, The PBC and the Bank of Korea signed a bilateral local currency swap agreement of RMB 180 billion yuan/KRW 38 trillion.On June 29, The PBC and the HKMA signed the Supplemen

565、tary Memorandum III of Cooperation on the Pilot Program of RMB Settlement of Cross-border Trade Transactions between Mainland and Hong Kong.On July 1, Upon the approval of the State Council, the PBC, Ministry of Finance (MOF), Ministry of Commerce (MOFCOM), General Administration of Customs (GAC), P

566、ART SEVEN Highlights of RMB Internationalization135State Administration of Taxation (SAT) and China Banking Regulatory Commission (CBRC) jointly issued the Administrative Rules on the Pilot Program of RMB Settlement of Cross-border Trade Transactions. (PBC, MOF, MOFCOM, GAC, SAT, CBRC Public Announc

567、ement2009No.10)On July 3, The PBC and the Bank of China (Hong Kong) Ltd. signed the revised RMB Clearing Agreement, to support pilot program of RMB settlement of cross-border trade transactions.On July 3, The PBC issued the Regulations for Implementing the Administrative Rules of the Pilot Program o

568、f RMB Settlement of Cross-border Trade Transactions. (PBC Document 2009No.212)On July 6, The first transaction of RMB cross-border trade settlement was conducted in Shanghai. And the RMB Cross-border Payment Information Management System (RCPMIS) was put into operation.On July 7, The pilot program o

569、f RMB settlement of cross-border trade transactions was launched in four cities of Guangdong.On July 14, The PBC, MOF, MOFCOM, GAC, SAT and CBRC jointly issued the notice to the Shanghai municipal government and Guangdong provincial government the approval of Enterprises list for the Pilot Program o

570、f RMB Settlement of Cross-border Trade Transactions. (PBC General Administration Reply letter2009No.472) The first batch of 365 enterprises was officially approved to conduct RMB Settlement of export transactions.On September 10, The PBC and the SAT signed the Memorandum on data and information tran

571、smission on the RMB settlement of cross-border trade transactions.On September 15, The MOF issued the first sovereign RMB-denominated bond in Hong Kong with the amount of RMB 6 billion yuan.2019 RMB INTERNATIONALIZATION REPORT136On December 22, The PBC issued Questions & Answers on relevant policies

572、 of the pilot program of RMB settlement of cross-border trade transactions. 2010On February 11, The HKMA issued Elucidation of Supervisory Principles and Operational Arrangements Regarding the RMB Business in Hong Kong.On March 8, The PBC issued the Interim Administrative Rules for the RMB Cross-bor

573、der Payment Management Information System. (PBC Document2010No.79)On March 19, The PBC and the GAC signed the Memorandum of Cooperation on the RMB Settlement of Cross-border Trade Transactions.On March 24, The PBC and the National Bank of the Republic of Belarus signed a bilateral local currency set

574、tlement arrangement.On June 9, The PBC and the Central bank of Iceland signed a bilateral local currency swap agreement of RMB 3.5 billion yuan/ISK 66 billion.On June 17, The PBC, MOF, MOFCOM, GAC, SAT and CBRC jointly issued the Notice on Expanding the Pilot Program of RMB Settlement of Cross-borde

575、r Trade Transactions, to expand the scope of the pilot program. (PBC Document2010No.186) On July 19, The PBC and the HKMA signed the Supplementary Memorandum IV of Co-operation on the Pilot Program of RMB Settlement of Cross-border Trade Transactions. The PBC and BOC (Hong Kong) Ltd. signed the revi

576、sed RMB Clearing Agreement.On July 23, The PBC and the Monetary Authority of Singapore (MAS) signed a bilateral local currency swap agreement of RMB 150 billion yuan/SGD 30 billion.On August 17, The PBC issued the Notice Concerning the Pilot Program on Investment in the Interbank Bond Market with RM

577、B Funds by Three Types of Institutions Including PART SEVEN Highlights of RMB Internationalization137Overseas RMB Clearing Banks. (PBC Document2010No.217)On August 19, With the authorization of the PBC, China Foreign Exchange Trade System (CFETS) announced that it would improve the trading mode of R

578、MB against Malaysian ringgit and launch direct trading between the two currencies in the interbank foreign-exchange market. On August 31, The PBC issued the Administrative Rules for RMB Bank Settlement Accounts of Overseas Institutions. (PBC Document2010No.249)On November 22, With the authorization

579、of the PBC, China Foreign Exchange Trade System (CFETS) announced that it would improve the trading mode of yuan against Russian ruble and launch direct trading between the two currencies in interbank foreign-exchange market. 2011On January 6, The PBC issued the Administrative Rules for the Pilot Pr

580、ogram of Settlement for RMB-denominated Outward Direct Investment. (PBC Public Announcement2011No.1), allowing banking institutions and enterprises in the pilot areas to conduct the RMB settlement of foreign direct investment transactions, and banking institutions to grant loans to overseas projects

581、 based on relative regulations.On April 18, The PBC and the Reserve Bank of New Zealand signed a bilateral local currency swap agreement of RMB 25 billion yuan/NZD 5 billion.On April 19, The PBC and the Central Bank of Republic of Uzbekistan signed a bilateral local currency swap agreement of RMB 70

582、0 million yuan/UZS 167 billion.On May 6, The PBC and the Bank of Mongolia signed a bilateral local currency swap agreement of RMB 5 billion yuan/MNT 1 trillion.2019 RMB INTERNATIONALIZATION REPORT138On June 3, The PBC issued the Notice on Specifying the Issues Relating to Cross-border RMB Business.

583、(PBC Document2011No.145)On June 9, Fudian Bank of Kunming and the Public Bank of Laos jointly launched the over-the-counter trading between RMB and LAK.On June 13, The PBC and the National Bank of Kazakhstan signed a bilateral local currency swap agreement of RMB 7 billion yuan/KZT 150 billion.On Ju

584、ne 23, The PBC and the Central Bank of Russian Federation renewed the agreement on Payment and Settlement, which extended the coverage of local currency settlement from transactions in the border areas to general trade transactions between the two countries. On June 28, ICBC Guangxi Branch launched

585、the trading of RMB against Vietnamese Dong, while BOC Xinjiang Branch launched the trading of RMB against Kazakhstan Tenge on the same day. On June 30, Bank of Communications Qingdao Branch and Industrial Bank of Korea Qingdao Branch launched the over-the-counter (OTC) trading of RMB against Korea w

586、on.On July 27, The PBC, MOF, MOFCOM, GAC, SAT and CBRC jointly issued the Circular on Geographical Expansion of the RMB Settlement of Cross-border Trade Transactions. (PBC Document2011No.203) It expanded the program to the entire mainland China. On October 13, The PBC issued the Administrative Rules

587、 on Settlement of RMB-denominated Foreign Direct Investment. (PBC Public Announcement2011No.23)On October 24, The PBC issued the Guidelines on RMB Loans of Domestic Banking Institutions for Overseas Projects. (PBC Document2011No.255)PART SEVEN Highlights of RMB Internationalization139On October 26,

588、PBC and the Bank of Korea renewed the bilateral local currency swap arrangement, increasing its size from RMB 180 billion yuan/KRW 38 trillion to RMB 360 billion yuan/KRW 64 trillion.On November 4, According to the principles and standards for RMB clearing bank in Hong Kong set by PBC Public Announc

589、ement2003No.16, the PBC authorized BOC (Hong Kong) Ltd. to resume the role of the RMB clearing bank in Hong Kong. (PBC Public Announcement2011No.25)On November 22, The PBC and HKMA renewed the bilateral local currency swap agreement, increasing its size from RMB 200 billion yuan/HKD 227 billion to R

590、MB 400 billion yuan/HKD 490 billion.On December 16, The CSRC, PBC and SAFE jointly issued the Measures on the Pilot Program for RQFII-licensed Fund Management Companies and Securities Companies Domestic Securities Investments. (CSRC Decree No.76)On December 22, The PBC and the Bank of Thailand signe

591、d a bilateral local currency swap agreement of RMB 70 billion yuan/THB 320 billion. On December 23, The PBC and the State Bank of Pakistan signed a bilateral local currency swap agreement of RMB 10 billion yuan/PKR 140 billion. On December 29, The direct trading of RMB against THB in the local inter

592、bank foreign-exchange market was launched in Yunnan Province, which was the first case of direct trading of RMB against regional currencies.On December 31, The PBC issued the Notice on the Implementation of the Measures for the Pilot Program Allowing Fund Management Companies and Securities Companie

593、s Approved as RMB Qualified Foreign Institutional Investors (RQFII) to Invest in the Domestic Securities Market. (PBC Document2011No.321)2019 RMB INTERNATIONALIZATION REPORT140 2012On January 17, The PBC and the Central Bank of the United Arab Emirates signed a bilateral local currency swap agreemen

594、t of RMB 35 billion yuan/AED 20 billion. On February 6, The PBC, MOF, MOFCOM, GAC, SAT and CBRC jointly issued the Notice on Issues Concerning RMB Settlement of Goods Export by Domestic Enterprises. (PBC Document2012No.23)On February 8, The PBC and the Bank Negara Malaysia renewed the bilateral loca

595、l currency swap agreement, increasing its size from RMB 80 billion yuan/MYR 40 billion to RMB 180 billion yuan/MYR 90 billion. On February 21, The PBC and the Central Bank of the Republic of Turkey signed a bilateral currency swap agreement of RMB 10 billion/TRY 3 billion. On March 20, The PBC and t

596、he Bank of Mongolia signed a supplemental bilateral local currency swap agreement, increasing its size from RMB 5 billion yuan/MNT 1 trillion to RMB 10 billion yuan/MNT 2 trillion.On March 22, The PBC and the Reserve Bank of Australia signed a bilateral local currency swap agreement of RMB 200 billi

597、on yuan/AUD 30 billion. On April 3, With the approval of the State Council, the RQFII quota for Hong Kong was increased by RMB 50 billion yuan. On June 1, With the authorization of the PBC, the China Foreign Exchange Trade System (CFETS) announced that it would improve the trading mode between RMB a

598、gainst JPY and launch the direct trading between the two currencies in the Chinese interbank foreign-exchange market.On June 26, The PBC and the National Bank of Ukraine signed a bilateral local currency swap agreement of RMB 15 billion yuan/UAH 19 billion. PART SEVEN Highlights of RMB International

599、ization141On June 29, The PBC issued the Circular of Specifying the Operational Rules for RMB Settlement in Foreign Direct Investments. (PBC Document2012No.165)On July 31, The PBC issued the Notice on the Issues Concerning the Opening and Using of RMB Settlement Account by Overseas Institutions. (PB

600、C Document2012No.183)On August 31, The PBC and the monetary authority of Taiwan signed the Memorandum of Understanding on the Currency Clearing Cooperation across the Taiwan Straits.On September 24, The PBC and BOC Macau Branch renewed the RMB Clearing Agreement. On November 13, With the approval of

601、 the State Council, the pilot quota for RQFII in Hong Kong was increased by RMB 200 billion yuan. On December 11, The PBC authorized BOC Taipei Branch to serve as the RMB clearing bank in Taiwan. 2013On January 25, The PBC and Taipei Branch of BOC signed the RMB Clearing Agreement.On February 8, The

602、 PBC authorized the Singapore Branch of ICBC to serve as the RMB clearing bank in Singapore, and the two parties signed the RMB Clearing Agreement in April.On March 1, The CSRC, PBC and SAFE jointly issued the Measures on the Pilot Program of Securities Investment in China by RMB Qualified Foreign I

603、nstitutional Investors. (CSRC Decree No.90)On March 7, The PBC and the Monetary Authority of Singapore (MAS) renewed the bilateral local currency swap agreement of RMB 300 billion yuan/SGD 60 billion.2019 RMB INTERNATIONALIZATION REPORT142On March 13, The PBC issued the Notice on the Issues Regardin

604、g Investment in the Interbank Bond Market by Qualified Foreign Institutional Investors. (PBC Document2013No.69)On March 26, The PBC and the Central Bank of Brazil signed a bilateral local currency swap agreement of RMB 190 billion yuan/BRL 60 billion.On April 10, With the authorization of the PBC, t

605、he China Foreign Exchange Trade System (CFETS) announced that it would improve the trading mode between RMB against Australian dollar and launch direct trading between the two currencies in the interbank foreign-exchange market.On April 25, The PBC issued the Notice on the Issues Concerning the Impl

606、ementation of the Measures for the Pilot Program of Securities Investment in China by RMB Qualified Foreign Institutional Investors. (PBC Document2013No.105)On June 21, The Cross-Strait Service Trade Agreement (the Agreement) was signed by both sides of the Taiwan Strait. According to the Agreement,

607、 Taiwan-funded financial institutions would be allowed to invest in Mainland capital market with an investment quota of RMB 100 billion yuan.On June 22, The PBC and the Bank of England signed a bilateral local currency swap agreement of RMB 200 billion yuan/GBP 20 billion.On July 9, The PBC issued t

608、he Notice on Simplifying the Procedures for Cross-border RMB Services and Improving Relevant Policies. (PBC Document2013No.168)On August 23, The General Administration Department of the PBC issued the Notice on Improving the Information Reporting Procedures of the RMB Cross-border Payment Management

609、 Information System (RCPMIS). (PBC General Administration Department Document2013No.188)On September 9, The PBC and the Magyar Nemzeti Bank (Hungarian National Bank) PART SEVEN Highlights of RMB Internationalization143signed a bilateral local currency swap agreement of RMB 10 billion yuan/HUF 375 bi

610、llion .On September 11, The PBC and the Central Bank of Iceland renewed the bilateral local currency swap agreement of RMB 3.5 billion yuan/ISK 66 billion. On September 12, The PBC and the Bank of Albania signed a bilateral local currency swap agreement of RMB 2 billion yuan/ALL 35.8 billion. On Sep

611、tember 23, The PBC issued the Notice on the Issues Concerning the RMB Settlement for Investment in Domestic Financial Institutions by Overseas Investors. (PBC Document2013No.225)On October 1, The PBC and Bank of Indonesia renewed the bilateral local currency swap agreement of RMB 100 billion yuan/ID

612、R 175 trillion. On October 8, The PBC and the European Central Bank signed a bilateral local currency swap agreement of RMB 350 billion yuan/EUR 45 billion. On October 15, At the 5th China-UK Economic and Financial Dialogues, China announced the RQFII program for UK with the quota of RMB 80 billion

613、yuan.On October 22, At the 10th meeting of the Sino-Singapore Joint Council for Bilateral Cooperation, China announced the RQFII program for Singapore with the quota of RMB 50 billion yuan.On December 31, The PBC released the Notice on Adjusting the Administration of RMB Sales and Purchases. (PBC Do

614、cument2013No.321) 2014On March 14, The PBC, MOF, MOFCOM, GAC, SAT and CBRC jointly issued the Notice on Simplifying the Procedures Concerning the RMB Settlement of Goods Export by Domestic Enterprises. (PBC Document2014No.80)2019 RMB INTERNATIONALIZATION REPORT144On March 19, With the authorization

615、of PBC, the China Foreign Exchange Trade System (CFETS) announced that it would improve the trading mode between RMB and New Zealand dollar and launch direct exchange between the two currencies in the interbank foreign-exchange market.On March 26, China and France jointly announced that China would

616、extend its RQFII program to France with the quota of RMB 80 billion yuan.On March 28, The PBC and Deutsche Bundesbank signed the Memorandum of Understanding on establishing RMB clearing arrangements in Frankfurt. On March 31, The PBC and Bank of England signed the Memorandum of Understanding on esta

617、blishing RMB clearing arrangements in London. On April 25, The PBC and Reserve Bank of New Zealand renewed the bilateral local currency swap agreement of RMB 25 billion yuan/NZD 5 billion. On June 11, The PBC issued the Guidelines on Implementation of Opinions of the State Council General Office on

618、Supporting the Stable Growth of Foreign Trade. (PBC Document 2014No.168)On June 17, The PBC authorized China Construction Bank (London) Ltd. to serve as the RMB clearing bank in London.On June 18, The PBC authorized the Frankfurt Branch of BOC to serve as the RMB clearing bank in Frankfurt.On June 1

619、9, With the authorization of the PBC, the China Foreign Exchange Trade System (CFETS) announced that it would improve the trading mode between RMB and GBP and launch direct exchange between the two currencies in the interbank foreign-exchange market.PART SEVEN Highlights of RMB Internationalization1

620、45On June 28, The PBC and the central bank of France signed the Memorandum of Understanding on establishing RMB clearing arrangements in Paris. The PBC and Central Bank of Luxembourg signed the Memorandum of Understanding on establishing RMB clearing arrangements in Luxembourg.On July 3, The PBC and

621、 Bank of Korea signed the Memorandum of Understanding on establishing RMB clearing arrangements in Seoul. China declared to grant the Republic of Korea an RQFII investment quota of RMB 80 billion yuan. On July 4, The PBC authorized the Seoul Branch of Bank of Communications to serve as the RMB clear

622、ing bank in Seoul.On July 7, During German Chancellor Merkels visit to China, Premier Li Keqiang announced that China would extend its RQFII program to Germany, with the quota of RMB 80 billion yuan.On July 18, The PBC and the Central Bank of Argentina renewed the bilateral local currency swap agree

623、ment of RMB 70 billion yuan/ARS 90 billion.On July 21, The PBC and Swiss National Bank signed a bilateral local currency swap agreement of RMB 150 billion yuan/CHF 21 billion. On August 21, The PBC and Bank of Mongolia renewed the bilateral local currency swap agreement of RMB 15 billion yuan/MNT 4.

624、5 trillion.On September 5, The PBC authorized the Paris Branch of BOC to serve as the RMB clearing bank in Paris, and the Luxembourg Branch of ICBC to serve as the RMB clearing bank in Luxembourg. On September 16, The PBC and the Central Bank of Sri Lanka signed a bilateral local currency swap agree

625、ment of RMB 10 billion yuan/LKR 225 billion. 2019 RMB INTERNATIONALIZATION REPORT146On September 28, The PBC issued the Notice on Cross-border RMB Settlement of RMB-denominated Debt Financing Instruments issued by Overseas Institutions in China. (PBC General Administration Document2014No.221)On Sept

626、ember 30, With the authorization of the PBC, the China Foreign Exchange Trade System (CFETS) announced that it would improve the trading mode between RMB and Euro and launch direct trading between the two currencies on the interbank foreign-exchange market.On October 11, The PBC and Bank of Korea re

627、newed the bilateral local currency swap agreement of RMB 360 billion yuan/KRW 64 trillion.On October 13, The PBC and the Central Bank of Russia signed a bilateral local currency swap agreement of RMB 150 billion yuan/RUB 815 billion. On November 1, The PBC issued the Notice Concerning Centralized Cr

628、oss-border RMB Fund Operation Conducted by Multinational Corporations. (PBC Document2014No.324)On November 3, The PBC and Qatar Central Bank signed the Memorandum of Understanding on establishing RMB clearing arrangements in Doha, and signed a bilateral local currency swap agreement of RMB 35 billio

629、n yuan/QAR 20.8 billion. China announced the RQFII program for Qatar with a quota of RMB 30 billion yuan. On November 4, the PBC authorized the Doha Branch of ICBC to serve as the RMB clearing bank in Doha. On November 4, The PBC and CSRC jointly issued the Notice on the Pilot Program of the Shangha

630、i-Hong Kong Stock Connecting Scheme. (PBC Document2014No.336)On November 5, The PBC issued the Notice on the Issues Concerning the Overseas Securities Investment by RMB Qualified Domestic Institutional Investors. (PBC Document 2014No.331)PART SEVEN Highlights of RMB Internationalization147On Novembe

631、r 8, The PBC and Bank of Canada signed the Memorandum of Understanding on establishing RMB clearing arrangements in Canada, and signed a bilateral local currency swap agreement of RMB 200 billion yuan/CAD 30 billion. China announced the RQFII program for Canada with a quota of RMB 50 billion yuan. O

632、n November 9, the PBC authorized ICBC (Canada) Ltd. to serve as the RMB clearing bank in Toronto. On November 10, The PBC and Central Bank of Malaysia signed the Memorandum of Understanding on establishing the RMB clearing arrangements in Kuala Lumpur. On November 17, The PBC and Reserve Bank of Aus

633、tralia signed the Memorandum of Understanding on establishing RMB clearing arrangements in Australia. China declared to grant Australia an RQFII investment quota of RMB 50 billion yuan. On November 18, the PBC authorized the Sydney Branch of BOC to serve as the RMB clearing bank in Sydney. On Novemb

634、er 22, The PBC and HKMA renewed the bilateral local currency swap agreement of RMB 400 billion yuan/HKD 505 billion. On December 14, The PBC and the National Bank of Kazakhstan renewed the bilateral local currency swap agreement of RMB 7 billion yuan/KZT 200 billion. On December 15, with the authori

635、zation of the PBC, the China Foreign Exchange Trade System (CFETS) announced that it would launch direct trading between RMB and KZT in the local interbank foreign-exchange market. On December 22, The PBC and Bank of Thailand signed the Memorandum of Understanding on establishing RMB clearing arrang

636、ements in Thailand. PBC and Bank of Thailand renewed the bilateral local currency swap agreement of RMB 70 billion yuan/THB 370 billion. On December 23, The PBC and State Bank of Pakistan renewed the bilateral local currency swap agreement of RMB 10 billion yuan/PKR 165 billion.2019 RMB INTERNATIONA

637、LIZATION REPORT148 2015On January 5, The PBC authorized BOC (Malaysia) Ltd. and ICBC(Thailand) Ltd. to serve as the RMB clearing bank in Kuala Lumpur and Bangkok respectively.On January 21, The PBC and Swiss National Bank signed the Memorandum of Understanding on establishing RMB clearing arrangemen

638、ts in Switzerland, granting Switzerland an RQFII investment quota of RMB 50 billion yuan.On March 18, The PBC and the Central Bank of Suriname signed a bilateral local currency swap agreement of RMB 1 billion yuan/SRD 520 million.On March 25, The PBC and the Central Bank of Armenia signed a bilatera

639、l local currency swap agreement of RMB 1 billion yuan/AMD 77 billion.On March 30, The PBC and the Reserve Bank of Australia renewed the bilateral local currency swap agreement of RMB 200 billion yuan/AUD 40 billion. On April 10, The PBC and the South African Reserve Bank signed a bilateral local cur

640、rency swap agreement of RMB 30 billion yuan/ZAR 54 billion.On April 17, The PBC and the Bank Negara Malaysia renewed the bilateral local currency swap agreement of RMB 180 billion yuan/MYR 90 billion.On April 29, The pilot area of RQFII was expanded to Luxembourg with an investment quota of RMB 50 b

641、illion yuan.On May 10, The PBC and the National Bank of the Republic of Belarus renewed the bilateral local currency swap agreement of RMB 7 billion yuan/ BYR 16 trillion. On May 15, The PBC and the National Bank of Ukraine renewed the bilateral local currency swap agreement of RMB 15 billion yuan/U

642、AH 54 billion.PART SEVEN Highlights of RMB Internationalization149On May 25, The PBC and the Central Bank of Chile signed a Memorandum of Understanding on establishing RMB clearing arrangements in Chile and a bilateral local currency swap agreement of RMB 22 billion yuan/CLP 2.2 trillion. China decl

643、ared to grant Chile an RQFII investment quota of RMB 50 billion yuan. On the same day, the PBC authorized the China Construction Banks Chile Branch to serve as the RMB clearing bank in Chile. On June 1, The PBC issued the Notice of the Peoples Bank of China on Issues Concerning the Repo Operation of

644、 Foreign RMB Clearing Banks and Foreign RMB Participant Banks in the Interbank bond Market. (PBC Document2015No.170) On June 11, The PBC released RMB Internationalization Report (2015). On June 27, The PBC and the Central Bank of Hungary signed the Memorandum of Understanding on establishing RMB cle

645、aring arrangements in Hungary and the Agency Agreement of Investment for the PBC to Manage the MNBs Investment in China Interbank Bond Market. On the same day, the two parties also agreed to include Hungary in the pilot RQFII program with an investment quota of RMB 50 billion yuan. On June 28, The P

646、BC authorized Hungary branch of BOC to serve as the RMB clearing bank in Hungary.On July 7, The PBC and the South African Reserve Bank signed the Memorandum of Understanding on establishing RMB clearing arrangements in South Africa. On July 8, the PBC authorized the Johannesburg Branch of BOC to ser

647、ve as the RMB clearing bank in South Africa. On July 14, The PBC issued the Notice of the Peoples bank of China on Issues Concerning Investment of Foreign Central Banks, International Financial Institutions and Sovereign Wealth Funds with RMB Funds in the Interbank Market. (PBC Document2015No.220) T

648、he regulation simplified the procedures of foreign central banks, international financial 2019 RMB INTERNATIONALIZATION REPORT150institutions and sovereign wealth funds access to the interbank market and the investment quota limit on these entities was removed. These entities could freely choose the

649、 PBC or settlement agent of the interbank market to serve as their agents for trading and settlement and more instruments were available for them to invest. On July 24, The PBC released an announcement on Issues Concerning RMB Cross-border Settlement of Crude Oil Futures Trading on Onshore Market. (

650、PBC Public Announcement2015No.19) It regarded RMB as the invoicing and settlement currency for domestic crude oil futures, overseas traders and brokers were allowed to participate in Chinese crude oil futures trading.On August 11, The PBC released a statement on Improving the Quotation Mechanism of

651、Central Parity between the RMB against the USD. Since August 11 2015, before the opening quotation of the Interbank foreign-exchange market, market makers make offers to China Foreign Exchange Trading Center referencing the closing exchange rate in the Interbank foreign-exchange market on the previo

652、us day, the condition of foreign exchange supply and demand along with changes in the exchange rate of major international currencies comprehensively.On September 3, The PBC and the Central Bank of Tajikistan signed a bilateral local currency swap agreement of RMB 3 billion yuan/Somoni 3 billion.On

653、September 7, The PBC issued the Notice on Further Facilitating Multinational Conglomerates in Conducting Two-way Cross-border RMB Cash Pooling Business. (PBC Document2015No.279)On September 17, The PBC and the Central Bank of Argentina signed the Memorandum of Understanding on establishing RMB clear

654、ing arrangements in Argentina. On September 18, The PBC authorized ICBC(Argentina) Ltd to serve as the RMB clearing bank in Argentina.On September 21, The PBC approved HSBC (Hong Kong and Shanghai Banking Corporation) and BOC (Hong Kong) Ltd. to issue financial bonds in the interbank PART SEVEN High

655、lights of RMB Internationalization151bond market. This was the first time that the international commercial banks were permitted to issue RMB-denominated bonds in interbank bond market.On September 26, The PBC and the Central Bank of the Republic of Turkey renewed the bilateral local currency swap a

656、greement of RMB 12 billion yuan/Lira 5 billion.On September 27, The PBC and the National Bank of Georgia signed the bilateral local currency swap framework agreement.On September 29, The PBC and the Central Bank of Zambia signed the Memorandum of Understanding on establishing RMB clearing arrangemen

657、ts in Zambia. On September 30, The PBC authorized the Bank of China (Zambia) Limited to serve as the RMB clearing bank in Zambia.On September 29, The PBC and the National Bank of the Kyrgyz Republic signed an agreement of intention on strengthening cooperation.On September 30, The PBC released the P

658、BC Public Announcement2015No.31. Foreign central banks (monetary authorities), other official reserve management organizations, international financial institutions and sovereign wealth fund were allowed to trade in the Chinese interbank foreign-exchange market.On October 8, The CIPS (Phase one ) wa

659、s launched successfully. On October 20, the PBC issued RMB 5 billion yuan of 1-year central bank bills in London in way of book-building, with a 3.1% coupon rate. This was the first time for PBC issuing RMB-denominated central bank bills outside mainland China.On October 20, The PBC and the Bank of

660、England renewed the bilateral local currency swap agreement of RMB 350 billion yuan/Pound 35 billion.On November 2, The General Administration Department of the PBC issued the Notice on Foreign Central Bank-Type Institutions to open the RMB Settlement Account in Domestic Banking Financial Institutio

661、ns. (PBC General Administration Department Document20152019 RMB INTERNATIONALIZATION REPORT152No.227) It facilitated foreign central banks(monetary authorities), other official reserve management organizations, international financial institutions, and sovereign wealth funds to conduct relative busi

662、ness onshore.On November 6, The PBC and SAFE released the Operational Guideline for Funds Management in Cross-border Issuance and Sales of Mainland and Hong Kong Securities Investment Funds. (The PBC SAFE Public Announcement2015No.36)On November 9, The PBC authorized the CFETS to conduct direct trad

663、ing between RMB and Swiss franc in the interbank foreign-exchange market.On November 18, China-Europe International Exchange Co.,Ltd. held its establishment ceremony, and launched the first batch of RMB-denominated spot security products.On November 23, The pilot program of RQFII was extended to Mal

664、aysia with an investment quota of RMB 50 billion yuan.On November 25, The first batch of foreign central banks finished filing with CFETS and accessed the Chinese interbank foreign-exchange market.On November 27, NAFMII accepted the registration of the Province of British Columbia of Canada to issue

665、 RMB 6 billion yuan RMB-denominated sovereign bonds in the Chinese interbank bond market.On November 30, The Executive Board of IMF decided to include RMB into the currency basket of the SDR as a fifth currency along with the U.S. dollar, the euro, the Japanese yen, and the British pound. The weight

666、 of the RMB in the SDR basket is 10.92%. The new basket will become effective on October 1, 2016. On the same day, the PBC authorized the Zurich branch of CCB to serve as the RMB clearing bank in Swiss.On December 7, NAFMII accepted the registration of the Republic of Korea to issue RMB 3 billion yu

667、an RMB-denominated sovereign bonds on the Chinese Interbank bond market.PART SEVEN Highlights of RMB Internationalization153On December 14, The PBC and the Central Bank of United Arab Emirates signed a bilateral local currency swap agreement of RMB 35 billion yuan/UAE Diram 20 billion. On the same d

668、ay, the two parties signed the Memorandum of Understanding on establishing RMB clearing arrangements in UAE. The PBC agreed to expand the pilot program of RQFII to UAE, with an investment quota of RMB 50 billion yuan.On December 17, the pilot program of RQFII was expanded to Thailand, with an invest

669、ment quota of RMB 50 billion yuan. 2016On January 20, The General Administration Department of the PBC issued the Notice on usage of funds on Overseas Institutions RMB Bank Settlement Accounts. (PBC General Administration Department Document2016No.15)On January 22, The PBC issued the Notice on Expan

670、ding the Pilot Program of Cross-border Financing Macroprudential Management. (PBC Document2016No.18)On February 24, The PBC released an announcement on Issues Regarding Investment in the interbank Bond Market by Overseas Institutional Investors. (PBC Public Announcement 2016No.3)On March 7, The PBC

671、and the Monetary Authority of Singapore(MAS) renewed the bilateral local currency swap agreement of RMB 300 billion yuan/SGD 64 billion, and the period of validity is 3 years. On April 29, The PBC issued the Notice on Implementing Nationally the Macroprudential Management of Cross-border Financing.

672、(PBC Document2016No.132) On May 11, The PBC and the Central Bank of Morocco signed a bilateral local currency swap agreement of RMB 10 billion yuan/MAD 15 billion. On June 7, The PBC and the Federal Reserve Board signed the Memorandum of 2019 RMB INTERNATIONALIZATION REPORT154Understanding on establ

673、ishing RMB clearing arrangements in the United States. China declared to grant the U.S. an RQFII investment quota of RMB 250 billion yuan. On June 17, The PBC and the Central Bank of the Republic of Serbia signed a bilateral local currency swap agreement of RMB 1.5 billion yuan/RSD 27 billion, and t

674、he period of validity is 3 years.On June 20, With the authorization of the PBC, the China Foreign Exchange Trade System (CFETS) announced that it would improve the trading mode between RMB and South African Rand and launch direct trading between the two currencies on the interbank foreign-exchange m

675、arket. On June 25, The PBC and the Central Bank of the Russian Federation signed the Memorandum of Understanding on establishing RMB clearing arrangements in the Russian Federation. On June 27, With the authorization of the PBC, the China Foreign Exchange Trade System (CFETS) announced that it would

676、 improve the trading mode between RMB and South-Korean Won and launch direct trading between the two currencies on the interbank foreign-exchange market.On July 11, The Bank of China (Hong Kong) linked to CIPS as a direct participant, becoming the first overseas direct participant. On the same day,

677、the China Citic Bank, Bank of Shanghai, China Guangfa Bank, Bank of Jiangsu, Bank of Tokyo-Mitsubishi UFJ (China), Mizuho Bank (China), Hang Seng Bank (China) linked to CIPS as direct participants. The number of direct participants of CIPS has increased to 27.On August 10, The General Administration

678、 Department of the PBC issued the Reply Letter on Issues Concerning the Republic of Poland Issues RMB-denominated Bonds of RMB on the Interbank Bond Market, approved the Republic of Polands application on issuing RMB-denominated bonds on the inter-bank bond market. (PBC General Administration Depart

679、ment Document2016No.387)PART SEVEN Highlights of RMB Internationalization155On August 30, The PBC and SAFE issued the Notice on Issues Concerning the Domestic Security Investment and Management by Renminbi Qualified Foreign Institutional Investors. (PBC Document2016No.227)On September 12, The PBC an

680、d the Central Bank of Hungary renewed the bilateral local currency swap agreement of RMB 10 billion yuan/ HUF 416 billion, and the period of validity is 3 years.On September 20, The PBC issued an announcement, which authorized the Bank of China (New York) Limited to serve as the RMB clearing bank in

681、 America. (PBC Public Announcement2016No.23)On September 23, The PBC issued an announcement, which authorized the Industrial and Commercial Bank of China (Moscow) Limited to serve as the RMB clearing bank in Russia.(PBC Public Announcement2016No.24)On September 26, The PBC authorized the CFETS to co

682、nduct direct trading between RMB and Saudi Riyal in the interbank foreign-exchange market.On September 26, The PBC authorized the CFETS to conduct direct trading between RMB and UAE Dirham in the interbank foreign-exchange market.On September 27, The PBC and the European Central Bank signed a supple

683、mental agreement, which extending the validity of bilateral local currency swap agreement for 3 years to Oct.8, 2019. The size is remain RMB 350 billion yuan/EUR 45 billion.On November 4, The PBC and CSRC issued the Notice on the Program of the Shanghai, Shenzhen and Hong Kong Stock Connect Scheme.

684、(PBC Document2016No. 282). On December 5, the Shenzhen-Hong Kong Stock Connect Scheme officially launched.On November 14, With the authorization of the PBC, CFETS announced that it would improve the trading mode between RMB and Canadian Dollar and launch direct trading between the two currencies in

685、the interbank foreign-exchange market.2019 RMB INTERNATIONALIZATION REPORT156On November 29, The PBC issued the Notice on Further Clarifying Relevant Issues Concerning the Overseas Renminbi Lending Business of Domestic Enterprises. (PBC Document2016No.306)On December 6, The PBC and the Central Bank

686、of Egypt signed a bilateral local currency swap agreement of RMB 18 billion yuan/EGP 47 billion, the period of validity is 3 years.On December 9, The PBC issued an announcement, which authorized the Agriculture Bank of China (Dubai) Limited to serve as the RMB clearing bank in UAE. (PBC Public Annou

687、ncement2016No.30)On December 12, The PBC authorized the CFETS to conduct direct trading between RMB and Mexican Peso in the interbank foreign-exchange market.On December 12, The PBC authorized the CFETS to conduct direct trading between RMB and Turkish Lira in the interbank foreign-exchange market.O

688、n December 12, The PBC authorized the CFETS to conduct direct trading between RMB and Polish Zloty in the interbank foreign-exchange market.On December 12, The PBC authorized the CFETS to conduct direct trading between RMB and Danish Krone in the interbank foreign-exchange market.On December 12, The

689、 PBC authorized the CFETS to conduct direct trading between RMB and Hungary Forint in the interbank foreign-exchange market.On December 12, The PBC authorized the CFETS to conduct direct trading between RMB and Norwegian Krone in the interbank foreign-exchange market.On December 12, The PBC authoriz

690、ed the CFETS to conduct direct trading between RMB and Swedish Krone in the interbank foreign-exchange market.PART SEVEN Highlights of RMB Internationalization157On December 21, The PBC and the Central Bank of Iceland renewed the bilateral local currency swap agreement of RMB 3.5 billion yuan/ISK 66

691、 billion, and the period of validity is 3 years.On December 26, The General Administration Department of the PBC issued the Notice on Cross-border Renminbi Settlement of Renminbi-denominated Debt Financing Instruments issued by Overseas Institutions in China. (PBC General Administration Department D

692、ocument2016No.258) 2017On January 13, The PBC issued the Notice on Issues Concerning the Macroprudential Management of Overall Cross-Border Financing. (PBC Document2017No. 9)On March 20, The PBC and Bank of China New York Branch signed the RMB Clearing Agreement.On March 20, The PBC and Industrial a

693、nd Commercial Bank of China (Moscow) Limited signed the RMB Clearing Agreement.On March 20, The PBC and Agriculture Bank of China Dubai Branch signed the RMB Clearing Agreement.On May 19, The PBC and the Central Bank of New Zealand renewed the bilateral local currency swap agreement of RMB 25 billio

694、n yuan/NZD 5 billion, and the period of validity is 3 years.On May 23, The PBC issued the Notice on Issuing the Regulation Related on RMB Cross-border Payment Management Information System ( RCPMIS). (PBC Document2017No. 126)On May 27, The General Administration Department of the PBC issued the Noti

695、ce 2019 RMB INTERNATIONALIZATION REPORT158on Improving the Interbank Transaction Information Reporting Procedures of the Renminbi Cross-border Payment Management Information System.(PBC General Administration Department Document2017No.118)On June 29, The PBC and Bank of China (Hong Kong) Limited ren

696、ewed the RMB Clearing Agreement.On July 4, With the approval of the State Council, the quota of Hong Kongs RQFII will be expanded to RMB 500 billion yuan.On July 6, The PBC and the Bank of Mongolia renewed the bilateral local currency swap agreement of RMB 15 billion yuan/MNT 5.4 trillion, and the p

697、eriod of validity is 3 years.On July 18, The PBC and the Central Bank of Argentina renewed the bilateral local currency swap agreement of RMB 70 billion/ARS 175 billion, and the period of validity is 3 years.On July 21, The PBC and the Swiss National Bank renewed the bilateral local currency swap ag

698、reement of RMB 150 billion yuan/CHF 21 billion, and the period of validity is 3 years.On August 11, With the authorization of the PBC, the China Foreign Exchange Trade System (CFETS) may conduct direct trading between RMB and Mongolia MNT in the interbank foreign-exchange market.On September 13, Wit

699、h the authorization of the PBC, the China Foreign Exchange Trade System (CFETS) may conduct direct trading between RMB and Cambodia KHR in the interbank foreign-exchange market.On September 21, The PBC and Bank of China Macau branch renewed the RMB Clearing Agreement.PART SEVEN Highlights of RMB Int

700、ernationalization159On October 11, The PBC and the Bank of Korea renewed the bilateral local currency swap agreement of RMB 360 billion/KRW 64 trillion, and the period of validity is 3 years.On November 2, The PBC and the Qatar Central Bank renewed the bilateral local currency swap agreement of RMB

701、35 billion/QAR 20.8 billion, and the period of validity is 3 years.On November 8, The PBC and the Bank of Canada renewed the bilateral local currency swap agreement of RMB 200 billion/CAD 30 billion , and the period of validity is 3 years.On November 22, The PBC and the Monetary Authority of Hong Ko

702、ng renewed the bilateral local currency swap agreement of RMB 400 billion/HKD 470 billion , and the period of validity is 3 years.On November 22, The PBC and the Central Bank of Russian Federation renewed the bilateral local currency swap agreement of RMB 150 billion/RUB 1,325 billion, and the perio

703、d of validity is 3 years.On December 22, The PBC and the Bank of Thailand renewed the bilateral local currency swap agreement of RMB 70 billion/THB 370 billion, and the period of validity is 3 years. 2018On January 4, the PBC and Taipei Branch of Bank of China renewed the RMB clearing agreement.On J

704、anuary 5, the PBC issued the Notice on Further Improving Policies for Cross-border RMB Business to Facilitate Trade and Investment (PBC Document 2018 No. 3), 2019 RMB INTERNATIONALIZATION REPORT160clarifying that all cross-border business allowed by law to be settled with foreign exchange could also

705、 be settled with RMB by enterprises. On January 5, CFETS issued the Notice on the Arrangements for Overseas Banks to Participate in Interbank FX Market Regional Trading, allowing qualified overseas banks to participate in interbank FX market regional trading.On February 9, the PBC authorized the J.P

706、. Morgan Chase & Co. to serve as the RMB clearing bank in USA.On March 26, the RMB Cross-border Interbank Payment (CIPS) phase II was launched for pilot operation.On March 26, the Crude Oil Futures Contract denominated in RMB was listed for trading on Shanghai International Energy Exchange.On March

707、30, the PBC and the Reserve Bank of Australia renewed the bilateral local currency swap agreement of RMB 200 billion yuan/AUD 40 billion.On April 3, the PBC and the Central Bank of Albania renewed the bilateral local currency swap agreement of RMB 2 billion yuan/ALL 34.2 billion.On April 11, the PBC

708、 and the South African Reserve Bank renewed the bilateral local currency swap agreement of RMB 30 billion yuan/ZAR 54 billion.On April 20, to further regulate overseas security investment by RMB qualified domestic institutional investors, the General Administration Department of the PBC issued the N

709、otice on Further Clarifying the Rules on Overseas Security Investment by RMB Qualified Domestic Institutional Investors (PBC General Administration Department Document 2018 No.81)On April 27, the PBC and the Central Bank of Nigeria signed a bilateral local currency swap agreement of RMB 15 billion y

710、uan/NGN 720 billion.PART SEVEN Highlights of RMB Internationalization161On May 1, the daily quotas under both Shanghai-Hongkong Stock Connect and Shengzhen-Hongkong Stock Connect were expanded four times, in which the daily quota for each of the northbound trading links were adjusted to RMB 52 billi

711、on yuan from RMB 13 billion yuan, the daily quota for each of the southbound trading links were adjusted to RMB 42 billion yuan from RMB 10.5 billion yuan.On May 2, CIPS phase II was fully launched, with eligible direct participants engaged online simultaneously.On May 4, the foreign investors were

712、formally introduced into domestic RMB-denominated iron ore futures trading in Dalian Commodity Exchange. On May 9, the pilot area of RMB qualified foreign institutional investors expanded to Japan, with a quota of RMB 200 billion yuan.On May 10, the PBC and the National Bank of the Republic of Belar

713、us renewed the bilateral local currency swap agreement of RMB 7 billion yuan/ BYR 2.22 billion.On May 16, in order to further improve cross-border capital flow, and adcance the opening-up of Chinas financial market, the General Administration Department of the PBC issued the Notice on Further Perfec

714、ting the Management of Cross-border Capital Flow to Support the Opening-up in Financial Market (PBC General Administration Department Document 2018 No.96).On May 23, the PBC and the State Bank of Pakistan renewed the bilateral local currency swap agreement of RMB 20 billion yuan/ PKR 351 billion.On

715、May 25, the PBC and the Central Bank of Chile renewed the bilateral local currency swap agreement of RMB 22 billion yuan/CLP 2200 billion.On May 28, the PBC and the National Bank of Kazakhstan renewed the bilateral local currency swap agreement of RMB 7 billion yuan/KZT 350 billion.2019 RMB INTERNAT

716、IONALIZATION REPORT162On June 1, the Chinese A-share was formally included in MSCI Emerging Markets Index and Global Standard Index, which was conductive to attracting overseas investors to allocate assets on RMB share . On June 11, in order to regulate the investment in domestic security market by

717、RMB qualified foreign institutional investors, The PBC and SAFE jointly issued the Notice on the Rules of Domestic Security Investment by RMB Qualified Foreign Institutional Investors (PBC Document 2018 No.157). On June 13, to perfect the management of RMB purchases and sales businesses, the PBC iss

718、ued the Notice on Improving the Management of RMB Purchases and Sales Businesses (PBC Document 2018 No.159), expanding the scope of purchases and sales businesses to securities investment.On August 20, the PBC and the Bank Negara Malaysia renewed the bilateral local currency swap agreement of RMB 18

719、0 billion yuan/MYR 110 billion.On September 3, CFETS formally introduced the Industrial and Commercial Bank of China (Almaty) and ICBC Standard Bank Plc. to participate in domestic interbank FX market for the regional trading of RMB against KZT, and extended trading hour for RMB against KZT regional

720、 trading from 10:30-16:30 to 10:30-19:00 (Beijing time, GMT+8).On September 8, in order to promote the opening up of domestic interbank bond market, regulate foreign institutional bond issuance, and protect legitimate interests of bond market investors, the PBC and MOF jointly issued the Interim Rul

721、es for the Administration of Bond Issuances by Overseas Institutions on Chinas Interbank Bond Market (PBC, MOF Public Announcement 2018 No.16).On October 13, the PBC and the Bank of England renewed the bilateral local currency swap agreement of RMB 350 billion yuan/GBP 40 billion.On October 22, the

722、PBC and the Bank of Japan signed the memorandum of PART SEVEN Highlights of RMB Internationalization163understanding on the currency clearing cooperation across Japan. On October 26, the PBC authorized Tokyo Branch of Bank of China to serve as the RMB clearing bank in Japan.On October 26, the PBC an

723、d the Bank of Japan signed a bilateral local currency swap agreement of RMB 200 billion yuan/JPY 3,400 billion.On November 16, The PBC and Bank Indonesia renewed bilateral local currency swap agreement of RMB 200 billion yuan/IDR 440 trillion.On November 20, the PBC and the Central Bank of Philippin

724、e signed the memorandum of understanding on the currency clearing cooperation across the Philippines.On November 30, Pure Terephthalic Acid (PTA) futures which denominated in RMB were formally introduced to overseas traders.On December 10, the PBC and the National Bank of Ukraine renewed the bilater

725、al local currency swap agreement of RMB 15 billion yuan/UAH 62 billion. 2019On January 31, Bloomberg formally confirmed the inclusion of Chinese bonds into the Bloomberg Barclays Global Composite Index from April 2019.One February 11, the PBC and the Central Bank Van Suriname renewed the bilateral l

726、ocal currency swap agreement of RMB 1 billion yuan/SRD 1.1 billion.One February 28, MSCI announced that it would significantly increase the weight of Chinese A-shares in the MSCI Indexes by raising the inclusion factor from 5% to 20% in three steps.2019 RMB INTERNATIONALIZATION REPORT164In retrospec

727、t of the financial reform and opening-up in China for the past decade, we found that RMB internationalization had been a highlight. To better study RMB internationalization, since 2015, the Monetary Policy Department II of the PBC began to publish annual report on RMB internationalization in both Ch

728、inese and English for market participants and researchers reference. The report covers a wide range of topics, including the international use of RMB in various aspects, relevant policies and progress of reform, the status of major economies in the world, outlook and etc., containing detailed data a

729、nd elaborate boxes on key issues. Macroprudential Policy Bureau published 2019 RMB Internationalization Report together with the Monetary Policy Department, the Payment System Department, the Currency, Gold and Silver Bureau of the PBC, as well as cross-border RMB offices of PBC Jinan Branch, Xian B

730、ranch, Hohhot Central Sub-Branch, Hefei Central Sub-Branch, Changsha Central Sub-Branch, and Yinchuan Central Sub-Branch. And also, we received great support from Bank of China and China Financial Publishing House. Hereby, here went our wholehearted appreciation for all who had supported us for the report. Due to our limited knowledge, there might be errors and discrepancies in the report. We sincerely invite any of your comment and advice. The Editor June 2019Afterword