Executive chairman of the world digital monetary organization
probably Russia because as a country that helps each other and rises together in the war, it will definitely support its allies. After all, cooperation between our two countries has only advantages but no disadvantages. Moreover, digital currency will be a new currency change for each country, and the emergence of new currency forms will also give birth to new instries. Moreover, this year, CCTV has been going through a series of actions of focusing on digital currency test, which is believed to be popularized by the whole people in the near future
all countries in the world compete in the high-tech field, and digital currency is also a kind of high-tech field. If China makes it, other countries will be envious to follow suit, otherwise some countries will study it by themselves. All these can show that this field is also the highland that each country needs to occupy, although many countries want to make achievements in this field before, they all have little effect, but China is different. China has such strong economic strength, and it also has such strong contacts and background to support it strong>
as for the regionalization and internationalization of RMB, we can graally seek monetary cooperation within the framework of ASEAN 10 + 1 pseudo economic cooperation. We can fix their respective exchange rates and float jointly with foreign countries. When the time is ripe, we can use strong RMB to replace other currencies or take RMB as the dominant currency to create a single currency and realize monetary unification. Secondly, it can expand to ASEAN 10 + 3 on the basis of ASEAN 10 + 1 and unite with Japan and South Korea. At that time, RMB will really grow into an international currency with far-reaching influence, just like the euro to Europe and the US dollar to America
secondly, in terms of monetary function, we should promote the internationalization of RMB in three steps, that is, adhere to the three-step strategy of RMB settlement currency, RMB investment currency and RMB reserve currency. In this process, we should steadily promote the process of RMB capital account convertibility, actively and steadily carry out offshore financial business, and graally implement the target area management of exchange rate
historically, which country's currency becomes a valuation currency in international trade and capital flow will take the initiative in international economic transactions. Take capital export as an example. Among the three capital flow centers in the world, when Britain and the United States were capital exporting countries, they all used their local currency as the valuation currency, while after the 1970s, when Japan was the capital export center, they used US dollar as the valuation currency. result; Japanese enterprises and financial institutions are very passive in dealing with the exchange rate risk in the foreign exchange market. When the yen rose sharply, these enterprises and financial institutions suffered huge losses. This is considered by many people as one of the important reasons for Japan's economic recession for more than a decade
for a large economic country, if the local currency can not comply with the trend of domestic trade growth and become the pricing currency of the open international financial market and trade, then the national currency will not become one of the major international reserve currencies. This means that the domestic currency has not obtained the international currency status which is relative to the total economic volume and the total trade volume. In order to deal with the macro financial risk of exchange rate fluctuations, the government must hold a large number of foreign exchange reserves. In today's international monetary system, US dollar and euro are the main pricing currencies in the international financial market, so US dollar and euro have become the main reserve currencies in the world. Correspondingly, the foreign exchange reserves of the United States and the European Union are very small. By the end of June 2007, the value of foreign exchange reserves of the United States was only US $41.5 billion, and that of the European Central Bank was only 41.4 billion euros. In contrast, in Asia, although Japan and China are among the top countries in the world in terms of economic aggregate, neither the Japanese yen nor the RMB has gained the status of an important pricing currency in the international financial market. As a result, China and Japan have the largest foreign exchange reserves in the world
with the development of China's economy, it should be our long-term goal to take corresponding strategies to graally integrate RMB into the international reserve currency system, break the current reserve currency pattern of the western world dominated by US dollar and euro, and promote the construction of multipolar reserve currency system. In this process, China should adopt a consistent graal strategy to promote the internationalization of RMB through the regionalization of RMB. At the same time, we should develop an open international asset market valued in RMB and provide more choices of RMB financial assets for foreign investors. Only after such a stage can RMB really gain the status of reserve currency, and we can get rid of the trouble of worrying about the amount of foreign exchange reserves.