China's foreign exchange reserves had reached 2.45 trillion U.S. dollars is huge. It is great wealth in China is tremendous pressure because of the reform on the most in five years time , it is the way to go in the devaluation . Dollar foreign exchange reserves caused by the loss of wealth , each book are shocking calculation .

External storage pressure for increasing the value of the relevant departments and agencies to take the initiative , through sovereign wealth funds , equity funds, foreign exchange reserves, loans , etc. to improve efficiency in the use of foreign exchange reserves .

Support the use of large reserves of RMBInternationalTechnology , will receive multiple results . " the use of foreign exchange reserves and the RMB 'going out' the two together, they will achieve better returns . " The State Council Development Research Center of Integrated Research Institute of Finance, Director Chen Daofu said .

On June 22 this year , following the announced resumption of exchange reform , the central bank announced that the RMB to further expand a pilot cross-border trade , China and other countries in promoting regional trade , but also to encourage the internationalization of RMB has created a unique opportunity and space.

However, from the perspective of the international monetary functions to support the RMB internationalization also requires several conditions: First, play the RMB valuation and settlement of international trade functions , requires strong value of the renminbi ; second is to play international currency transactions of RMB functions , need to free the yuan Exchange ; third play of RMB 's international storage capabilities outside of the yuan needs to return .

Analysts believe that China's huge foreign exchange reserves will be going out of the solid backing of the RMB .

　　Use of external storage goals , assets, diversification means

In recent years, the use of foreign exchange reserves in prudent innovation time and again .

ICBC Ruixin Ji Fund Management Ltd chief economist Chen Chao believes that the use of foreign exchange reserves should distinguish between different levels to manage , for example can be divided into liquidity, profitability , strategic .

In terms of liquidity , " is now 2.4 trillion foreign exchange reserves is certainly far more than to meet liquidity needs , even if all imports , not exports , foreign exchange reserves are enough to pay. " SAFE Balance of Payments Division Management Tao, who in February this year, says .

But in terms of profitability , most priorities are Touzi Youxiangongsi China ( Xia Chen , " Zhong cast " ) , although the cast of Zhuyaozichan Muqian in domestic financial institutions Gu Quan Huan Shi , Dan Shi 's investment in overseas investment in the amount of Ye have Buke Belittle ; the people's attention is the next step will be to cast the number of investment quotas .

There is also the State Development Bank and Export-Import Bank of China initiated the establishment of a number of equity type of investment funds, most of these funds to raise U.S. dollar , the main orientation of China's economy is closely related to overseas development strategy , such as the ratio of the Fund and African Development Fund and China - ASEAN Fund .

Both strategic and profitability of the initiative is to support Chinese enterprises "going out" , one to expand overseas markets , and second, acquisition of strategic resources.

Bank of China Institute of International Finance recently recommended that : reduce the proportion of U.S. dollar foreign exchange reserves , to achieve the diversification of foreign exchange reserve currency structure ; increased investment in mineral resources , to achieve the diversification of reserve assets structure ; increase the equity investment , asset structure to achieve financial reserves Diversity .

The report that you can try to take appropriate "financial asset transformation " initiatives , and institutional holdings of U.S. Treasuries and other bonds like corporate debt dollar assets , some converted to the corresponding businessStockAnd other equity asset class .

Professor Zhong Wei of Beijing Normal University reminder " One of the challenges we face is how diversified the same time , reserves , push forward yuan in a wide range of acceptable surrounding Guo Jia Xing . " Zhong Wei that , now adopts the approach is top-down , That is the main and official cooperation , the RMB is still lingering in the Agreement , accounting terms , the lack of broad participation of the private sector , in particular the lack of residents, businesses and foreign commercial banks to participate , so go the road of internationalization of RMB is hard line .

　　RMB International Credit Support

In fact , the RMB internationalization is already underway .

Bretton Woods system, occupy two-thirds of the world 's gold reserves increased U.S. dollar credit , and thus established the U.S. dollar in international currency status . Time passes , gold is not the major reserve currencies , the Chinese renminbi, the international reserves of dollars and have some of the conditions .

"Our country has sufficient foreign exchange reserves , the yuan also supported the international credit . " Associate Professor of Finance , Fudan University , said land forward .

" In other words, although the yuan is not freely convertible , but we have enough foreign exchange reserves , to keep the yuan and other international currencies final exchange , which is a guarantee of RMB International Credit . " forward , said Lu .

CASS Vice President Li Yang made clear that foreign exchange reserves, exchange rate stability in determining the credibility of the government as an important factor - the large international reserves , government intervention in the foreign exchange market capacity will be believed ; international reserves a small scale, government intervention in the foreign exchange market Ability will be questioned .

He believes that the new context of globalization, developing countries in order to implement a floating exchange rate while maintaining exchange rate stability , must have a high foreign exchange reserves. This area can promote international trade and direct investment and development , on the other hand will make domestic enterprises and financial institutions stability , improving the international financial markets in the financing of credit .

At present, about 2.45 trillion U.S. dollars foreign exchange reserves in dollar assets account for the main part . China can guarantee that the outflow of exchange between the yuan and U.S. dollars . In fact,RMB appreciationExpected , other countries, reserves of RMB is cost-effective use of the renminbi is beneficial, while freely convertible into dollars , such measures should be feasible.

Chen Daofu also said that the yuan is also not freely convertible in the case of the yuan simply "going out" , acceptability is not very high , if combined with foreign exchange reserves , will be able to drive the yuan "going out . " "In the RMB 'going out' process, if the purchase of Chinese products, even if the RMB loans directly , it still needs some foreign currency . "

Thus , if the outflow of some of the RMB can be converted into U.S. dollars, foreign exchange reserves will decline , foreign exchange reserves, the momentum of rapid growth will be curbed . Even if the yuan against the dollar , investors can also forward foreign exchange transactions and hedging transactions to avoid currency risk .

　　Push the yuan "going out"

International reserve currency in the enhanced role of the gradual increase of confidence means that the function is moving from passive to meet changes in the international financial situation, a purely " virtual money " , evolved into a country's wealth, to become a proactive government Investment . Which in turn can be invested RMB "going out" a powerful way .

" Although the RMB is not freely convertible currency , but we can actively promote bilateral trade and investment, greater use of the yuan -denominated and settled , and eventually become a reserve currency in these countries . " forward , said Lu .

The long term, with the yuan "going out" , other countries will continue to increase the reserve of RMB assets , in addition to meet the daily current and capital transactions as under the project , the extra investment of RMB assets must be to seek places . Therefore, the study of RMB back mechanism is very important .

Many people believe that China's interbank bond market can open RMB assets in those countries , so that it can help return the RMB funds to further promote the internationalization of RMB .

Data, in 2009 , the Ministry of Finance has successfully issued RMB bonds in Hong Kong , and this year to issue renminbi bonds in Hong Kong enterprises have also made a useful attempt , non-financial institutions to raise the yuan by issuing bonds offshore , and through direct investment (FDI) channels Back to the mainland , the development of renminbi business to become a major breakthrough .