CRI听力:RMB to Play a Bigger Role at FTZ

The Bank of China is taking part in the new initiative.

Cheng Jun, manager of its Finance Department, says the pilot project shows that the RMB has become more widely accepted internationally.

"Foreign money is not the only option now in the zone, making it possible for individuals and companies to do international trading online; Previously, Euros and US dollars were used. Now, RMB is available. This is a significant step for Chinese traders, allowing them to go international with much convenience. Especially for those young people who like online shopping, risks and shopping expenses have been cut. RMB has become popular worldwide."

The new policy has indeed made things easier when it comes to online shopping. Online payers say prices marked directly in Chinese yuan will make rate conversion obsolete. At the same time, elimination of some auxiliary expenses also creates a great advantage.

Among international trades and investments, RMB is drawing more attention and popularity. The cross-border RMB Index, issued by Bank of China, reached its highest level during the last quarter of 2013.

Chen Siqing, president of Bank of China, says the RMB's international status has been greatly elevated.

"The amazing ending of the Cross-border RMB Index in 2013 reflects RMB's fast internationalization. More and more overseas customers have chosen RMB in investments. In 2013, the Bank of China did a survey among 3,000 international companies and more than 70% agreed on the importance of the RMB as international currency. 61% think they will more frequently use RMB in international payments. The positive response from customers to the RMB is the result of China's fast-developing international trade."

2013 saw China take over the US as the world's largest goods trading nation. The RMB will continue to show more potential and face more challenges at the same time.

How to guarantee timeliness, efficiency, and safety in international payments will become a big issue. 　

The new policy is just one of the steps in pushing the RMB to go global. More measures will be introduced in the future to meet the needs of the RMB's internationalization.

However, according to Zhao Xijun, vice-dean of the School of Finance at Renmin University of China, RMB's international usage faces restraints too, such as one-dimensional investments. Therefore more work need to be done to meet modern demands.

For CRI, it is Su Yi.