Nonlinear correlation between RMB internationalization and nonferrous metal prices

The correlation between Renminbi(RMB) internationalization and nonferrous metal prices was studied using the nonlinear Granger causality test and the dynamic conditional correlation-generalized autoregressive conditional heteroskedastic(DCC-GARCH) model. The results indicate that the relationship between RMB internationalization and nonferrous metal prices reflects a complex nonlinear mechanism. There was no mutual influence between RMB internationalization and nonferrous metal prices prior to the trials of the RMB settlement in the cross-border trade in July 2009. Since then, however, a bidirectional causal relationship between RMB internationalization and the price of copper and a unidirectional causal relationship from the price of aluminum to RMB internationalization were examined. In addition, due to the impact of extreme events, such as economic and financial crises, RMB internationalization and nonferrous metal prices are not always positively correlated but are rather occasionally negatively correlated.

Belt and Road Boosts RMB Internationalization

Expediting the RMB internationalization in countries along the Belt and Road routes will knock down bottlenecks affecting Chinese investors in exchange rates, financing, and debts, and increase capital resources for these countries.

Progress and Prospects of RMB Internationalization in Latin America

Promoting the internationalization of the RMB in Latin America is not only a requirement of the China-Latin American relationship and of China’s reform and opening-up policy in the financial sectors, but is also a strategic choice. With the support of internal, external and bilateral factors,China and Latin American countries have seen a lot progress in RMB trade settlement, investment, financing, and so on, yet Latin American countries’ willingness to use the RMB is still low, there is an obvious shortage of exchange mechanisms, and currency cooperation between them may face more obstacles as China-US competition intensifies. Under these circumstances, in order to further promote the internationalization of the RMB in Latin America, China should seize the opportunity of Latin America’s participation in the Belt and Road Initiative and their demand for currency diversification, as well as the friction between the US-Latin American relationship, start reducing the shortage of institutional exchange mechanisms, and plan for the RMB internationalization process in Latin America at a strategic level.

New Ideas for RMB Internationalization under the Belt and Road Initiative

President Xi Jinping put forward that, "China will further push the open economy to a higher level by enlarging its scale, expanding its area, and deepening its degree." This proposal provides new perspectives for RMB internationalization. The new path of RMB internationalization shall be achieved under the Belt and Road Initiative and be a new option that is di erent from the "Three-Stage Theory" and regional monetary cooperation. RMB internationalization can only be realized through a government-driven mode with Chinese characteristics which shows the fundamental di erence from the internationalization of other currencies such as the US Dollar, Euro and Japanese Yen. The Chinese government can realize the strategic objective of RMB internationalization through improving national governance, applying policies and tools for macroeconomic regulation, and implementing the Belt and Road Initiative, as well as the operation of its nancial industry, the Silk Road Fund(SRF), and that of regional banks like the Asian Infrastructure Investment Bank(AIIB) and the BRICS New Development Bank(NDB). RMB internationalization is an important objective of China's political and economic development. Efforts must be made to steadily promote market-oriented reform of the RMB exchange rate and its forming mechanism, and reform of capital account convertibility so that RMB can become the leading global reserve currency. Meanwhile, China will also undertake more responsibilities as a major power for stable development of the international economy and nance.

Promoting Internationalization of Jiangsu's Economy

Jiangsu is situated on the Yangtze Deltaon China’s east coast, and is a provincewith a developed economy, science,technology, education and culture. Its area is102,600 sq km, 1.1% of the total area ofChina, the population is 70.66 million, 5.8%of the total population of China, and the GNPwas RMB515.5 billion in 1995, 8.9% of thetotal GNP of China. Since the early 1990s, the province hasseized various opportunities to expand

Liver Transplantation (in Chinese), revised edition, Edited by Shu-Sen Zheng. Pp843. Beijing: People's Medical Publishing House, 2012. ISBN: 978-7-117-15494-9/R.15495. ￥RMB 158

Liver Transplantation (in Chinese), revised edition, edited by Professor Shu-Sen Zheng and prefaced by Professor Guo-Wei Sang, has just been published. The revised edition is mainly based on the clinical practice of the Liver Transplant Center, the First Affiliated Hospital, Zhejiang University and the experience

RMB:Depreciating Internationally while Appreciating Externally

RMB has been depreciating internally while appreciating externally since 2002. This new monetary phenomenon, has been strengthened in the context that US dollar depreciates internationally and that domestic economy is overwhelmed with excessive liquidities. Certainly the monetary phenomenon is the reflection of the actual economy: continued trade surplus, triggered robustly by the export-driven economy, is bringing a huge amount of exchange reserve which accelerates sequentially the expansion of domestic money supply. Furthermore, a refrained appreciation of RMB tends to deteriorate the domestic inflation, which is not simply a traditional concept of CPI but a broad inflation parameter including a variety of asset prices. It's sure that the new phenomenon is becoming a new challenge to the macroeconomic equilibrium as well as the decision maker of monetary policy.

Do the RMB exchange rate and global commodity prices have asymmetric or symmetric effects on China’s stock prices?

With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.

加入PIC/S与推进我国药品监管国际化的思考

目的:回顾和分析了全球药品监管合作实践及我国药品监管的国际化历程,为我国尽早加入药品检查合作计划(PIC/S)从而实现GMP检查互信提出建议。方法:根据PIC/S对申请机构的要求,为迎接PIC/S对我国检查机构的评估做好准备,本文结合文献综述、检查现状分析和PIC/S审计清单指标解读,分析我国药品检查体系目前存在的差距。结果与结论:加入PIC/S有助加强各国监管机构间的合作和实现GMP检查互信,进一步推进我国药品监管的国际化进程。为顺利通过PIC/S对我国药品检查机构的正式评估、尽早成为PIC/S成员机构,我国应尽快在GMP标准提高、检查流程优化、检查员能力提升、检查机构质量体系建设等方面开展对标工作。

REALIZATION OF THE RMB'S CONVERTIBILITY UNDER THE CURRENT ACCOUNT AND ITS INFLUENCE

It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced technology and management methods andexpand the export-oriented economy.Since 1992,18 other developmentzones have been approved by the Council,increasing the number ofsuch zones to 32.

Gales of China＇s Electronics, IT industry Reach RMB2.1trln in H1

The sales revenues of China＇s electronics and IT industry reached RMB2.1 trillion in the first half of 2007, up 18% on last year.

“一带一路”倡议提高了人民币的“隐性锚”效应吗?——基于Rolling Regression和Frankel-Wei锚测度模型

“一带一路”倡议开创了中国对外开放新格局,也为人民币国际化带来新机遇。基于Frankel-Wei经典锚测度模型,选取50个“一带一路”沿线国家在2010年7月—2022年8月的月度汇率数据,采用普通最小二乘法和滚动窗口回归(Rolling Regression)方法,分阶段、分区域测算人民币对“一带一路”区块货币的隐性锚效应。“一带一路”倡议的推进使人民币的货币锚地位有了质的转变,成为国际货币的后起之秀,但人民币的锚作用国家主要集中于东南亚、南亚和中亚地区,辐射范围仍然有限,且容易受到外界不可抗力因素的干扰。应持续推动“一带一路”高质量发展,探索人民币锚效应稳步提升的有效途径,促使人民币成为“一带一路”丝路货币。

中国与老缅越柬金融合作指数的构建及对策建议研究——基于国家异质性视角

推动中国与周边国家金融合作是稳步扩大金融领域制度型开放的有效途径和务实之举。中国与老缅越柬国家异质性明显,金融合作历史悠久、成效显著,形成了颇具特色的金融合作模式,具有研究的典型性。以金融合作事件为基础,通过构建金融合作指数测度中国与老缅越柬金融合作水平。研究发现,除了传统的影响区域金融合作的经济金融因素外,政府政策支持力度、政治互信程度、文化相近性及地理距离等非经济因素对异质性较大的国家间的金融合作有根本作用。该研究结论为推动中国与老缅越柬金融合作提供决策参考,也为中国与其他异质性大的国家间的金融合作提供理论依据和经验借鉴。

稳慎扎实推进人民币国际化:发展历程与路径探析

人民币国际化自2009年正式启动以来,经历了“启动与快速发展”“调整与平稳发展”“回升与持续发展”三个阶段。尽管与美元、欧元等主要国际货币还有一定差距,但作为国际货币,人民币已经初步具备交易媒介、计价手段和储藏工具三大功能。为使人民币国际化行稳致远,有必要深刻理解货币国际化的客观规律和相关国际经验。推进人民币国际化的关键是创造条件,激发境外机构和个人使用与持有人民币的意愿,具体举措包括实现经济持续稳步增长、保持出口贸易大国地位、加快金融市场改革和资本账户开放、积极参与全球金融治理和高度重视地缘政治在人民币国际化过程中的影响等。

地缘政治风险与人民币货币锚效应——基于“一带一路”合作国家和地区的实证分析

防范化解地缘政治风险,保持人民币币值的相对稳定,对稳慎推进人民币国际化具有重大意义。通过分析2015年8月至2022年7月“一带一路”合作国家和地区56种货币的汇率月频数据,探究了不同区域的货币锚定人民币的程度,并进一步基于Frankel经典货币锚模型测度了地缘政治风险对人民币货币锚效应的影响。实证结果表明:第一,美元虽仍是大部分地区的锚定货币,但人民币已逐步成长为东欧、东南欧、东南亚和东亚地区钉住的货币锚。第二,地缘政治风险能够显著影响人民币在部分地区的货币锚效应,但是在不同区域和不同贸易开放度的情况下具有显著的异质性。当地缘政治风险上升时,东欧和东南欧地区会更多地锚定人民币以规避汇率风险,而东南亚和东亚地区却会选择降低锚定人民币的权重以寻求汇率稳定;高贸易开放度的国家会更多地锚定人民币,低贸易开放度的国家更可能会减少锚定人民币。研究结果为稳慎推进人民币国际化和精准实施人民币国际化的国别策略提供了参考依据。

人民币汇率升值、贸易开放水平与跨境人民币结算

本文基于2011—2021年我国省级平衡面板数据,使用pvar模型研究跨境人民币结算金额、人民币汇率及贸易开放三者之间的动态关系。结果表明:保持一定规模的贸易开放及稳中有升的人民币币值会助推跨境人民币结算规模的扩大,进而推进人民币国际化进程。基于此,本文就进一步发挥稳定的对外开放水平和稳中有升的人民币币值对跨境人民币结算的促进作用提出相关政策建议,以供参考。