What impact does the renminbi basket have on Henan enterprises and individuals?

On November 30th, US Eastern Time (1:00 am on December 1st, Beijing time), the International Monetary Fund (IMF) President Lagarde announced in Washington that the RMB meets all the criteria of SDR (Special Drawing Rights) and approves the entry of RMB. SDR will take effect on October 1, 2016. This marks the renminbi becoming the first emerging market country currency to be included in the SDR basket, becoming the fifth currency in the SDR after the dollar, euro, yen and pound.

The renminbi will be more "value"
This is called the biggest economic event in 2015. What impact will it have on the renminbi? “The renminbi has become the fifth currency in the special drawing rights. It has far-reaching significance and great influence. In the long run, from a big point of view, it may change the global economy; from a small perspective, it will help increase the purchasing power of the renminbi in the country and reduce it. The pressure on the renminbi has shrunk. "Gu Jianquan, director of the Provincial Government Development Research Center, said that although SDR is far away from us, the addition of the renminbi is related to everyone's wallet. After becoming an international settlement currency, the renminbi can be circulated around the world, and China's ever-increasing currency can be exported overseas, thus reducing the actual domestic inflation level.

"In the past, the exchange rate of the renminbi to foreign currencies was relatively large." He said that after joining the SDR, in the long run, the renminbi will be more stable, the credit in the world will be higher, and the possibility of currency devaluation and price increases will be This has been reduced, reducing the shrinking pressure on the money in your wallet. "Popularly speaking, the renminbi is stronger and more valuable."

Little pressure on Henan foreign exchange
In fact, the addition of RMB to SDR has a significant impact on a province or a region. “There is no significant impact on the market in the short term, but in the long run, the impact is relatively large.” In the view of Professor Fan Ming, the executive vice president of Henan Institute of Economics and Law, after joining SDR, the RMB became the basket currency of SDR and international currency. One of the IMF’s official reserve currencies actually means a higher expectation for the renminbi. “Overall, the image of the renminbi has increased, and the market’s expectations for the renminbi have increased. It will be a more stable currency. International status has improved."

“As a large consumer country, China's accession to SDR can make the renminbi competitive in pricing large commodities. In addition, the more widely used and internationalized the renminbi, the easier and cheaper it is for Chinese companies to invest overseas through trade and investment. Fan Ming introduced that there are also negative effects, mainly due to foreign exchange, but because Henan's foreign exchange reserves are not under pressure, as far as Henan is concerned, the negative impact on our provincial level is small.

Conducive to the development of Henan's foreign trade
For import and export foreign trade enterprises, the benefits of RMB joining SDR are obvious. Five years ago, our province's foreign trade dependence was 5%, and today the number has become 11%. The total volume of imports and exports has increased rapidly, and foreign direct investment and “going out” enterprises have also increased. The export-oriented economy has become an important force driving the economic development of our province. From January to October this year, the province's total import and export volume was 370.767 billion yuan, an increase of 23.4%.

"In the past, when the US dollar appreciated, foreign trade companies would worry about rising import costs. When the US dollar depreciated, the business volume of export enterprises would decrease." The person in charge of the Foreign Trade and Economic Cooperation Department of the Provincial Department of Commerce introduced that after the RMB became an international settlement currency, energy commodities and foundations Many commodities, such as raw materials, can be denominated in RMB, and the exchange rate risk is much smaller. "The use of renminbi pricing reduces the exchange rate risk and exchange rate of enterprises, and makes foreign trade more convenient. It will promote the development of Henan's foreign trade, especially for imports."

Li Changjie, Chairman of Jinlong Copper Tube Group, said: "The exchange of foreign currency for Renminbi is a very complicated matter and very professional. The exchange rate changes have a great impact on enterprises. Sometimes, an order will earn millions of dollars because of exchange rate changes. After the RMB joins the SDR, this situation will gradually change. In the future, whether it is investing in a business, purchasing resources, technology, or trade, it will be more convenient for enterprises to settle directly in RMB."

Personal overseas investment will be more convenient
For ordinary people, what is the impact of RMB on SDR? Henan is a province with a large number of outbound tourists. "In the past, in some countries, traveling, shopping, studying abroad, and buying houses, they did not accept the renminbi. You have to exchange foreign currency. In the case of unstable exchange rate, you will exchange 10,000 yuan in renminbi. Very large.” Manager Zhang Ran of the CITIC Bank Zhengzhou Branch Business Department introduced that people who have experienced outbound travel have a lot of feelings about “exchange”. Visitors must not only convert the exchange rate before the departure, but also make an appointment for bank exchange. After returning home, you will have to convert the remaining foreign currency cash into RMB. Among them, not only the exchange rate loss, but also the operation steps are relatively complicated, which increases the travel cost.

"For individuals, whether it is trade or investment, it will bring a lot of economic benefits. More and more countries recognize the renminbi, or settle in renminbi, it is more convenient when we travel or invest." Zhang Ran introduced. "At that time, there will be more and more wealth management products in the overseas market in RMB, which will help Chinese people invest more overseas assets."

You don’t have to change foreign exchange for traveling abroad.
Yang Tianyu, a member of the Elephant Think Tank and the Southeast Asian General of the Hong Kong Institute of International Welfare Development, said that it will be more convenient for the elderly in the country to travel in the future. "Because the 'Belt and Road' is to go abroad, currency settlement is very important."

Yang Tianqi, who often travels through Southeast Asian countries, said that Laos was the first country to have financial consolidation and settlement with China. Before that, it was settled by offshore. Due to the inconvenience of trade settlement, it is likely to lead to information gap, and China’s UnionPay card It is not too good outside. "In some countries in Southeast Asia, the dollar can be directly consumed, it is hard currency, but the renminbi can not be reached."

In Yang Tianqi's view, the renminbi is included in the SDR's influence on China's free trade zone and neighboring countries in the development of the “Belt and Road” process. "Especially, the renminbi can become another reserve foreign exchange in neighboring countries in the future, which is convenient for import and export settlement of domestic enterprises, and is more conducive to the development of tourism and other industries." Yang Tianqi said that in the future "One Belt, One Road" construction process, the RMB will sooner or later As a direct accounting currency, the channel is now open. At the same time, the addition of RMB to the SDR is also a necessary condition for the people to go abroad.

"Hao Tao" no longer need to find a purchase
The benefits to individuals are not limited to these. For those who have chosen overseas purchasing products due to price differences between domestic and foreign countries, the price will be more affordable in the future when purchasing imported products in China.

A few years ago, Ms. Liu, a citizen of Zhengzhou, studied in Australia. At that time, she found that the difference between foreign goods and domestic products was very large. "For example, a brand-name bag, if you buy it in Australia with an Australian dollar, is thousands of dollars cheaper than the yuan." Therefore, after she returned to China, whether she was eating or wearing, she almost always found a friend to buy abroad, or directly purchased it on a foreign shopping website. "Accounting down, save a lot of money."

Like her, many people now choose to shop overseas. "But after the renminbi joins SDR, the prices of overseas and domestic market products will gradually be consistent." Henan Radio and Television General Co., Ltd. introduced the person in charge, for a large number of Haitao users, you can not find a purchase in the future.

News noun: What is SDR?
Special Drawing Rights (SDR) is a reserve asset and unit of account created by the International Monetary Fund (IMF), also known as "paper gold." It is a right to use funds allocated by the IMF to Member States. In the event of a balance of payments deficit, Member States can use it to exchange foreign exchange with other Member States designated by the IMF to pay off the balance of payments deficit or repay the IMF's loans, and can also act as an international reserve like gold and freely convertible currencies. However, since it is only a unit of account, not a real currency, it must be exchanged for other currencies and cannot be used directly for trade or non-trade payments.

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