China Foreign Exchange Market Trading Data For The First Time

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In February 28th, the general situation of China's foreign exchange market was first released. From the data shown in the survey, we can see that the spot market in January 2015 completed a total paction of 3 trillion and 723 billion 452 million yuan.

Among them, the volume of bank pactions to the customer market is 1 trillion and 740 billion 662 million yuan, slightly lower than the interbank foreign exchange market 1 trillion and 982 billion 790 million yuan.

In addition, long-term,

And the options market completed 298 billion 323 million yuan, 2 trillion and 846 billion 634 million yuan and 212 billion 315 million yuan trading, only in January, China's foreign exchange market volume reached 7 trillion and 80 billion 725 million yuan.

According to the State Administration of foreign exchange, the foreign exchange market is limited to the RMB exchange rate pactions, excluding foreign exchange pactions.

The interbank foreign exchange market refers to the domestic financial institutions (including banks, non bank financial institutions and foreign-funded financial institutions) that are allowed to operate foreign exchange business through the approval of the State Administration of foreign exchange.

A market for trading with foreign currencies.

The interbank foreign exchange market is developing and improving step by step.

In 1994, China's foreign exchange management system has undergone major reforms, abolished foreign exchange retention, surrender and quota management, implemented the system of foreign exchange settlement and sales, and established a unified inter bank foreign exchange market.

In the 22 years since the establishment of China's interbank foreign exchange market, it is the first time to issue a general survey of China's foreign exchange market.

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According to Russian media, Sengupta, a senior researcher at the India observer research foundation, said that the BRICs needed money that could be used at the same time as the US dollar, and that China's currency might become the currency of JayshreeSengupta.

When it comes to whether the establishment of a BRICs bank will accelerate the process of dollarization, Sengupta said: "especially when considering the currency swap agreement between Russia and China, the time to go dollarization will come.

At the same time, there must be a currency that is used at the same time as the US dollar. It is entirely possible for the renminbi to assume the role of this currency.

All members of the South Asian Association for regional cooperation and ASEAN are trading with China. "

The authorized capital of the BRIC bank is 100 billion US dollars, the initial subscribed capital is US $50 billion, the paid in capital is US $10 billion, and the paid capital is funded by 5 founding members in 7 years.

In addition to the BRIC bank, the BRICs provisional reserve arrangement (CRA) has also been concerned.

CRA reserves total $100 billion, of which China invested $41 billion, and Brazil, India and Russia invested $18 billion and South Africa $5 billion.

The establishment and start-up of CRA will provide emergency relief for BRICs, including other emerging market countries, which are facing liquidity crisis or debt crisis.

"If the scope of its coverage and the size of the reserve can be further increased, it will play a significant role in the current international financial framework, and may even become an independent monetary relief system independent of IMF."

Analysts say.

For the internationalization of the renminbi, Zhuang Jian, a senior economist at the Asian Development Bank's China Representative Office, told the first Financial Daily reporters that "the internationalization of RMB is still a long way to go. Multilateral institutions are only channels, and the key lies in the reform of China's domestic financial system. Once the reform is in place, the internationalization will come naturally."