Although there is no clear timetable for the conversion of capital projects, the relevant statements of the central bank and foreign exchange bureaus at the first China Trade and Finance Annual Meeting on the 26th allowed the market to see capital including foreign direct investment in RMB settlement (RMB). The project is expected to be further liberalized in the near future. The RMB FDI pilot is being developed by Li Chao, deputy director of the State Administration of Foreign Exchange. At present, more than 75% of China's capital projects are in the degree and status of partial convertibility and partial convertibility, but the degree of convertibility of capital projects still lags behind the main players in the market economy. demand. Therefore, we should seize the current international and domestic relatively favorable environment and timing, and study and promote the convertibility of China's capital projects with a more positive attitude. Li Bo, director of the Second Bank of the Central Bank's monetary policy, said on the same occasion that the central bank has launched a pilot case of some foreign direct investment in RMB settlement, the so-called RMB FDI. In January this year, the central bank and the foreign exchange bureau, together with the Ministry of Commerce and other departments, introduced the pilot scheme for overseas direct investment in RMB settlement, namely RMB ODI. Up to now, there are more than 1,300 cross-border capital transactions involving more than 90 billion yuan, including cross-border loans and cross-border direct investment, of which the amount of ODI is 17 billion yuan. He revealed that the central bank will continue to carry out pilot projects for cross-border RMB business under capital. The central bank is currently working with the Ministry of Commerce and the foreign exchange bureau to study and introduce pilot management measures related to foreign direct investment in RMB settlement. Regarding the inter-bank bond market, Li Bo said that the next step will continue to approve more overseas commercial banks to enter the inter-bank bond market and provide value-protection channels for overseas RMB. At present, the central bank has approved 20 overseas financial institutions, mainly foreign commercial banks investing in the inter-bank bond market. Cross-border renminbi settlement will be extended to trade facilitation under the national current account is also steadily advancing. Li Bo said that the central bank has strived to expand the pilot scope of cross-border trade renminbi settlement to the whole country this year. Currently, there are still 11 provinces and cities that have not been included in the pilot scope. The data shows that the amount of RMB settlement of cross-border trade in the first quarter of this year has exceeded 300 billion yuan, and 114 countries and regions that have started trade settlement with the Chinese mainland have reached 114. It is worth noting that as of the end of March, the actual settlement and payment of RMB in Hong Kong alone accounted for about 70% of the entire cross-border RMB settlement. Li Bo said that the central bank will continue to support Hong Kong in expanding its renminbi business and developing offshore renminbi business. At present, the central bank has signed a local currency swap agreement with many countries. Li Bo stressed that the next step is to continue to promote bilateral currency cooperation, promote cross-border business of RMB, and promote the development of bilateral trade and investment. At the same time, some central banks and monetary authorities expressed interest in including the renminbi in their official reserves. In the next step, the central bank will also provide convenience to other interested central banks and monetary authorities in this regard, so that they can gradually hold the renminbi and invest in the inter-bank bond market.
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