CSSN-RMB Internationalization is conducive to global financial stability

RMB Internationalization is conducive to global financial stability

Author : Source : People's Daily 2014-06-30

RMB Internationalization is significant for not only Chinese economy but also global financial stability. RMB Internationalization is an important choice in global financial stability, said Bank of China Chairman Mr. Tian Guoli, in the speech given at the UK-China Financial Forum in London. According to him, RMB has become a crucial force in safeguarding the global financial stability in the past over ten years, mainly in two areas: Firstly, RMB is the “stabilizer” in financial crises; Second, RMB is the “safe haven” for foreign exchange risk. Yet, RMB Internationalization is still in its infancy, and there is a long way to go, said Li Taokiu, director of the Center for China in the World Economy, Tsinghua University.

The Chinese link: http://www.cssn.cn/dybg/gqdy_jj/201406/t20140627_1230455.shtml

Translated by Du Mei
Revised by Tom Fearon

Editor: Chen Mirong