Lie on the RMB backflow mechanism: The number can be increased gradually

Lie, deputy director of the State administration of foreign Affairs, said the backflow mechanism has the signal significance of the policy, and has the very strong realistic demand, at present only "the Test water", the quantity may increase according to the need gradually "the Finance new Net" (reporter Pama Fog) starts in the Cross-border trade renminbi settlement pilot and the expansion, until cultivates the Hong Kong offshore test plot,　　The internationalisation of the renminbi has taken a more critical step: initial construction of the backflow mechanism. In this regard, September 9, in the 9-storey office of Huarong mansion, lie, deputy director of the State administration of foreign Affairs, said, "in the initial amount of small, you can not too much to consider reflux." But the total amount to a certain scale, must consider the backflow problem, otherwise no one outside the willing to hold the renminbi. "Many people close to the central bank and the foreign exchange said that a variety of renminbi reflux methods or products are under discussion, the main channel is to allow relevant foreign institutions to enter the mainland interbank bond market investment pilot; there are also" small qfii "mechanisms,　　That is, the foreign renminbi through the Chinese Securities Companies and fund companies in Hong Kong, investment in the domestic interbank market and exchange market. Lie said, "small qfii" should be expressed as "renminbi qfii" more appropriate.　　And that, lie that the establishment of this channel or overseas renminbi assets "to preserve and increase" for the purpose, do not encourage too much speculation. Lie also said: "The interbank bond market has a large pool of funds, the amount of renminbi assets abroad is not enough to make a big impact on this market."　　Hong Pizheng, chairman of the Hong Kong Association of Banks and Standard Chartered chief executive of Hong Kong, estimates that renminbi deposits in Hong Kong are expected to exceed $200 billion by the end of this year. "In pursuit of" the renminbi at the same time, how to "spend" the problem has been widely concerned. Lie: "Although the market now has a certain appreciation of the renminbi expectations, but let foreign holders of the renminbi only to take a little bank interest, certainly not." "Our correspondent has found that neither the central bank nor the foreign authority has said anything about internationalization," he said.　　Some people said that "internationalization" is the academic argument, and the current central Bank of all kinds of action, is to serve the needs of the enterprise's reality as the main purpose. Lie to our correspondent pointed out that to really push the renminbi "out of the way", need to support a number of measures.　　Whether from the official policy or the enterprise itself, or from the internal external conditions, and "internationalization" still have a lot of distance. Exchange rate fluctuation and trade shun deficit, is always the market concern whether the renminbi smoothly "go out" the key issue. Since May this year, the central bank implemented two times, the RMB wide shocks increased, bilateral changes are obvious.　　But the real appreciation of the renminbi is not big. Lie that, in addition to the trade surplus and other factors, a country's foreign trade competitiveness, foreign trade, regional structure, will affect the regional process of the country's currency. He pointed out that China has maintained a trade deficit with countries such as Japan, South Korea and ASEAN, and has formed a model of "offsetting the deficit in other East Asian economies with surpluses from the Western countries", and the deficit isMay extend further. This situation helps to advance the process of "regionalization" of the renminbi.　　He told The Economist, from the economic, cultural, political and other factors, Hong Kong, Macao and Southeast Asian countries are also the preferred target of the renminbi regionalization. Lie said, the backflow mechanism design, both the policy signal significance, but also has the very strong realistic demand, at present only "the Test water", the quantity may increase according to the need gradually.