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On July 2nd, Measures for the Administration of Pilot RMB Settlement in Cross-border Trade was carried out. The experiment units of RMB Settlement in Cross-border Trade were officially started in Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. However, since the opening of the business, the volume of trade is very little.
The opening of the RMB settlement in cross-border trade was considered to be 鈥渁 firm step for RMB internationalization鈥?by public opinion and it is favorable for Chinese trade enterprises. Therefore, it is unexpected that businesses will be given the cold shoulder.
The experts analyze that there may be some reason for incomplete supporting policy, complicated procedure for instance; and also some regulations in the pilot policy that are much too restricted so that many enterprises having such kind of demand cannot enter the scope of a pilot policy.
Certainly, the most important reason should be that foreign merchants cannot accept RMB settlements in early stages. The continuous depreciation of U.S. dollars and the increasing appreciation of the RMB have caused foreign merchants not to use RMB valuation when importing, because this means they should pay more money.
In the times of credit currency, the chief condition that partners of cross-border trades accept RMB is to buy the commodities and service they need with RMB. RMB can not be circulated like U.S. dollars fluently in today鈥檚 world. It obviously affects foreign merchants鈥?willingness of acceptance of the RMB.
The experts think RMB internationalization just started. RMB settlement in cross-border trade needs more patience.
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