Valentin Schmid:中国元が基軸通貨になりえない理由

はじめに


・タイトルの記事を紹介するが、記事のソースが Epoch Times であることに注意。言うまでもなく Epoch Times は法輪功の影響下にあるニュースサイト。

引用



Why The Chinese Yuan Won't Be The World's Reserve Currency


...

The first is being a medium of exchange. For private sector payments, we already saw that the RMB’s share is minuscule compared to the euro and dollar. Even the RMB’s use in trade with and investment into China is relatively small and no longer growing, according to the report.

...

The second function is being a store of value, so that private players can invest their money in yuan assets like stocks and bonds and preserve their purchasing power. Also here, foreign ownership of Chinese equities is not very large, at around 0.8 percent, and for Chinese bonds, only slightly larger at 2 percent. Foreign bank deposits and loans into China have also been falling since 2014.

...
The third function is the so-called unit of account. This means that trade invoices, for example, are issued in RMB and then paid in RMB rather than dollars. Also here, even for Australia, one of China’s biggest trading partners, only 0.5 percent of exports to China are invoiced in RMB.

...
Lastly, the currency needs to have developed fixed income markets where payments can be parked in the form of bank deposits or bonds.

And while local Chinese corporate bond issuance is strong, foreigners aren’t buying into it, and the Chinese government bond market remains small in comparison to those in the United States and Europe.

Furthermore, bank deposits in RMB in the so-called global clearing centers are also falling. In Hong Kong, for example, only 5 percent of all bank deposits are in RMB and 37 percent in dollars.

Ref: http://www.theepochtimes.com/n3/2250139-why-the-chinese-yuan-wont-be-the-worlds-reserve-currency-2/


(2017-05-23)
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