Yuan five years flow in Southeast Asia

Yuan five years flow in Southeast Asia

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At 08:41 on January 3, 2010

Expert: Association of Southeast Asian Nations will become the first stop of the Internationalization of RMB

With ASEAN, China, Japan and South Korea and the Hong Kong Monetary Authority announced the formal signing of the Chiang Mai Initiative multilateral agreements, the scale of 120 billion U.S. dollars in Asian regional foreign exchange reserve was formally established and is operational. This indicates that the Asian financial cooperation and a major step forward. China - ASEAN Free Trade Area launched, the ability to speed up the yuan into an international format? Business if you can get a real good then?

"ASEAN market will become the footwear industry in Guangdong in 2010 to develop the most potential market in Southeast Asia as China's own brands compete in the worldwide market, the first stop." China - ASEAN Free Trade Area launched a comprehensive, Guangdong Footwear Manufacturers Association told reporters that the Secretary-General Wu Hang .

Most cattle business:

Restaurant only yuan clearing

"If you do, when foreign trade can be settled like the yuan!" This is the interview with journalists in West Shoes Square, many merchants say the inner words. West Tongde shoe base manager Ling Zhiqiang told reporters that some of the stronger foreign traders, especially those who identify themselves with China's shoe has changed the foreign currency clearing methods. Ling Zhiqiang said, "I have here received foreign orders will be charged RMB, U.S. dollars, euro step aside!" Has become the West Side Square, most cattle shoe merchant in 2009 shouted the words of the most lung power.

"We hope that the RMB settlement of a pilot covered by private enterprise!" Guangdong Footwear Manufacturers Association general secretary Wu course, told reporters that the RMB settlement of Guangdong enterprises are indeed a great good news, but at the moment the settlement pilot enterprises are state-owned enterprises, while private enterprises account for Guangdong than half the number of enterprises, private enterprises also want to share in future.

Foreign firms:

RMB settlement to avoid loss of

Now settled in Singapore, mainly businessmen Lu mang take care of China - ASEAN trade, he was in the domestic procurement of clothing, footwear and other daily necessities, and then commissioned the Guangzhou Sai Wan Road, exporters of goods sent to Singapore. In an interview when the newspaper interview, said the network, Singapore and China to do business, most people still use the U.S. dollar clearing, which has become a fixed settlement patterns.

In his view, what the currency is a means of settlement. The current settlement, in the Singapore dollar, the yuan this bridge between the more U.S. dollars, resulting in no need of foreign exchange losses, if the dollar signs of trouble may also bring huge losses on exchange. Thus, including in Singapore, including businessmen hope that we can try to RMB.

"But now is not the time." Lu Mang said the main reason is inconvenient, it is difficult from the first Singapore bank to get enough yuan; second, the renminbi clearing banks are too few; and third, many of China's foreign trade enterprises do not have a pilot with the identity of the RMB settlement. "China - ASEAN Free Trade Area is established, only expect a faster pace in the pace of internationalization."

Hard to do

Southeast Asian market

"China - ASEAN Free Trade Area of the boot is definitely good news." Guangdong Footwear Manufacturers Association, Gui-ling, said that ASEAN is an emerging market, a large population, there is great potential spending power, for the production of low-end shoe company in Guangdong is a very good market. Footwear in Guangdong accounts for 50% of China's output, accounting for 30% of the world, more than 10,000 pairs of shoes enterprises are eyeing the Southeast Asian market.

"Southeast Asian market is the force behind most of the enterprises in 2010 to do a market." Guangdong Footwear Manufacturers Association's Secretary-General Wu course revealed that, before many of Guangdong Shoes OEM production to West Shoes Square, for example, 80 % of the product is OEM, and only the processing fees earned; However, since the free trade area launched, the Southeast Asia as China's own brands compete in the worldwide market, the first stop. Wu Hang revealed that after 2010, including the Guangdong Footwear Manufacturers Association, including Chamber of Commerce will organize a large number of domestic firms at home to Southeast Asia market research, intends to cooperate with local businesses, and local businesses dock, open the sales.

RMB internationalization

Can be divided into three steps

"Southeast Asia will be the first to accept the yuan." Economist Professor Yang Fan of China University of Political Science at the time of interview, said the economies which the close economic ties with China, higher the degree of acceptance of the pace of the yuan would be faster. At present, the RMB settlement in China, Hong Kong has become a reality, as China - ASEAN Free Trade Area of the establishment of Southeast Asian countries will gradually accept the yuan and, finally, Japan and South Korea, the formation of the ASEAN 10 +3 accept yuan pattern. The future, as China's economy, productivity continued to improve the RMB is still room for 20% of the expected appreciation. As long as there is room for appreciation of the surrounding economies, will be happy to hold the yuan. "I expect five years, the renminbi will be unimpeded within the framework of South-East Asia."

But for the free convertibility of RMB in Southeast Asia, Professor Yang Fan disagreed. "Free convertibility of the RMB has been increased the risk of speculation is not conducive to financial stability. In addition, the RMB freely convertible in Southeast Asia also provides the opportunity of money-laundering, some corrupt elements may use its transfer of domestic assets, so whether the Renminbi freely in Southeast Asia exchange it is necessary to consider carefully. "