Since the government launched cross-border trade settlement since the pilot, cross-border trade settlement and Hong Kong yuan offshore yuan market construction are made significant progress. Recently China development and reform commission issued the "1025" period of Shanghai international finance center construction planning ", once again become one of the key words. However, as we pointed out a number of research institute of before, and so far, cross-border trade settlement and drive the yuan offshore yuan market development one important reason, is on the market for the existence of the RMB appreciation. At present the RMB cross-border trade settle accounts for of China's import and export trade has risen to about 10% proportion, Hong Kong RMB deposit more than 600 billion, and has formed including RMB loan, and the RMB bonds,best sunglasses RMB ipos, through the institutional investors investment in market of the bond between the bank and RQFII, RMB FDI levels ranging financial products market. The domestic and foreign enterprises using the Hong Kong and mainland two yuan market rate for arbitrage, is causing the yuan cross-border trade settlement "lame change" (import settlement and payment RMB is far higher than export settlement received RMB) and the Hong Kong RMB deposit is the main reason for the surge. In the RMB appreciation, under the premise of advance RMB internationalization essence is with high yield of residents RMB assets to exchange the residents of low revenue dollar assets. The scale of RMB internationalization, the bigger the China national welfare loss is bigger. Since the second half of 2011 as European debt crisis increasingly fierce, the launch of a new round of international institutional investors to leveraged, European Banks to withdraw from the global investment, international capital outflow short cause emerging market countries. Be short-term capital flows, the current account surplus shrink and economic growth prospects cut influence, the RMB appreciation weakened dramatically, Hong Kong NDF market appear even the yuan depreciation expected, Hong Kong and the mainland market RMB exchange rate of the renminbi spot market began to change (past Hong Kong more expensive, the mainland at present renminbi yuan more expensive). In this context, the speed of RMB internationalization significantly slow, cross-border trade settlement "lame change" obviously improved, Hong Kong RMB deposit scale does not rise but lower. This happened before we confirm the RMB appreciation is about promoting the current RMB internationalization the main motivations of the point of view. Recently, appeared on market such a view that if not speed up the capital account liberalization, RMB internationalization will subsequent lack of power. In order to further promote RMB internationalization, the Chinese government should speed up the capital account opening speed. We think, at the present time, speed up the open capital account to promote RMB internationalization point of view is not correct, might even be dangerous. First, the main task of present Chinese government, is the use of the global financial crisis, provide external pressure (foreign demand shrinking), overcome interest group resistance, implementation of economic growth mode as soon as possible by investment and export drive to domestic consumption driven transformation. To complete the transformation of the growth mode, the following three aspects of reform is the top priority: one is improving domestic income residents, in between the enterprise and the government, distribution, improving the proportion of residents' income; Two is to break the state-owned enterprise for many services department of monopoly, vigorously develop the service industry; Three is to accelerate the domestic price of the marketing of various elements, including interest rate and exchange rate. At present, the RMB internationalization should not be the Chinese government's main task. From the international JinRongShi perspective, monetary internationalization is the result of economic rise powers itself, is the result of marketing choice, and the results of the push for ngos. In China's economy in the process of transformation of the implementation of the structure, should guarantee the smooth running of the domestic financial system, avoid the international financial environment of domestic unrest financial order negative impact. And in the current international financial market turmoil background, too fast opening capital account necessarily means short-term international capital into a big, increase the asset price volatility and instability in financial markets. Second, with the development of the Chinese economy growth, capital account opening up is inevitable end. The key is that, at present China's capital account whether they should be accelerated open. Based on the following four reasons, we think, China's current government should be prudent opening capital account. First, the theory research and international experience all show, a country of capital account should be completely open with a series of premise condition, such as financial markets open, financial institutions and the degree of marketization, and the rate and the marketization of exchange rate. If interest rate and exchange rate mechanism in still exist under the condition of the distortion completely open capital account, so will inevitably lead to plenty of domestic and foreign capital arbitrage, arbitrage behavior, it not only can affect the implementation of the central bank independent monetary policy, and the financial markets will cause significant negative impact, at the same time, it will cause a huge loss of national wealth. In the above premise conditions are not met, capital account liberalization must step by step, not by leaps. Latin America, southeast Asia countries I still remember the lesson. China is able to from southeast Asia financial crisis and this global financial crisis spared, appropriate capital account control done not have. Second, because the recent years global short-term international capital flows, volatility and frequent very destructive, even support the free flow of capital has been the IMF is agreed, said capital account control should enter into the emerging market countries abnormal management of capital movements toolbox, and macroeconomic policies, macro prudent management tools are used together. When other emerging market countries are tightening capital account control, and China is exactly the opposite big open the door of capital account, the consequences can be imagined. Third, China's current capital account actually is quite open.The provisions of the IMF in 40 is item, China completely open one-third, part of the open a third,cheap new era hats only a third exist strict controls. From capital type to see, China's current foreign direct investment and foreign direct investment has basically been let go; Trade credit as long as through the authenticity audit, also basic let go; The only tube more strict, in fact, is that the securities investment and short-term foreign debt. In fact, in many times in the international financial crisis, securities investment funds and the short-term debt into a big is just exploded and scale-up crisis of important factor. The Chinese government deal with these two projects being full opening. Fourth, even if the Chinese government has completed the exchange rate and interest rate marketization, on the open capital account should also be prudent. Once completely open capital account, the Chinese government should consider by taxing tobin tax, for the residents, the enterprise and the financial institutions on the balance sheet of the serious mismatch means such as tax money to manage short-term capital flows, reduce the financial fragility. Third, as long as China's economy can again hold 20-30 years of growth, the yuan will grow up for the world's most important one of the international currency. The problem is, promote RMB internationalization, if only cross-border trade settlement and offshore market development this way? We think, may not, the Chinese government can through the following channels to continue to push forward the RMB internationalization: first of all, allow foreign government, financial institutions and enterprises in China's domestic issue with RMB valuation bonds (namely the panda bonds), and welcome the use of the yuan to China to raise the central bank to buy dollars, and finding China territory use; Secondly, releasing the international board, make foreign financial institutions and enterprises in China's domestic issue with RMB valuation stock, and welcome the use of the yuan to China to raise the central bank to buy dollars, and finding China territory use; Again, encourage Chinese enterprise with the RMB foreign direct investment, foreign residents and enterprises can use the purchase of the Chinese yuan for goods and machine equipment, and can also through the RQFII form investing in China capital market, and the dollar with bank of China; Finally, the Chinese government of future foreign aid all adopts RMB, allowed the yuan to get aid recipient in China's central bank to buy dollars, or buy Chinese goods and machine equipment, or in China for a direct investment (the RMB version of the Marshall plan). In other words, RMB internationalization, can use make the residents have much more outside the renminbi assets way, can be used for the way of raising more RMB liabilities; Can use through the trade deficit output the way the yuan, also can use through the capital account deficit output of the way; Can use through the capital account surplus RMB way backflow, also can use through the current account surplus of backflow RMB way. Indeed, in the market there is persistent under the background of the RMB appreciation, may the residents is not willing to be borrowed the yuan debt. However, once the RMB exchange rate marketization reform in place, the channel can play a role. 
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