After the internationalization of the renminbi, it is also possible to increase the difficulty of implementing domestic monetary policy, Taiwan Taipei hotel and it is likely to face greater demand for money and exchange rate fluctuations. Therefore, experts reminded to strengthen the supervision of foreign customs.  “Offshore market lending rates are lower than those in the onshore market. Deposit rates are higher than those in the onshore market. Taiwan Taipei hotel At the same time, offshore market supervision costs are low, and local investors can do financing at low interest rates and low prices.” Foreign Economic and Trade Ambassador Sun Huazhen, director of the China International Monetary Research Center, On the same day, the City of London announced the establishment of a working group composed of the City of London, Bank of China and other government departments and banks at the launching ceremony of the London Renminbi Business Center Construction Plan to promote this plan. Taiwan Taipei hotel At the same time, a report entitled “London: RMB Business Center” was released. According to the report According to reports, it was raining in London on the morning of April 18, but less than 8 o’clock, the top floor hall of the “Cucumber Building” located at 30 St. Mary’s Street in the center of the financial city was filled with people. Everyone was eagerly awaiting the first. A report on the existing RMB products and services in London. Taiwan Taipei hotel As the renminbi is widely used in cross-border trade and offshore direct investment, the demand for renminbi business in more and more countries is increasing. At present, the renminbi has become the main settlement currency in some border trade locations. In Taiwan, Hong Kong and Macau, the degree of RMB exchange and merchant acceptance has become quite common. The renminbi has become another “hard currency” in the Southeast Asia after the dollar, the euro and the yen. In the five Central Asian countries, Taiwan Taipei hotel the Russian region, and Pakistan and Mongolia, the renminbi is also in circulation. In order to meet the needs of Chinese tourists, RMB exchange business has also been carried out in some European countries and airports and restaurants in the United States, Canada and other countries. Sun Huayu further explained that London itself is an international financial center. Without the renminbi business, Taiwan Taipei hotel it lacks the Chinese elements. From the perspective of long-term development, its status as an international financial center is flawed. They saw this problem. The establishment of the offshore RMB center this time captured the opportunity for China to implement the internationalization strategy of the RMB. Due to the difficulty in monitoring the cash demand and circulation of overseas RMB, it will make it more difficult for the central bank to manage the RMB cash.

 

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