To achieve the supply-side-driven internationalization of the RMB, we must first maintain strategic patience and set no timetable, said CF40 member Guo Kai, mp.weixin.qq.com/s/kCLviAhMXdx4… 1/7
How internationalized the #RMB is cannot be directly regarded as the policy goal itself. We do not deliberately pursue the RMB internationalization for a single moment. 2/7
The financial policy system of the major reserve currency issuers are all characterized by clarity, transparency, understandability and stability, which is compatible with the requirements of currency internationalization. 3/7
At present, there are too many objectives and tools in China's monetary policy framework. This is surely related to the development of China as a transition economy. 4/7
#Monetarypolicy does no good in helping the public better understand the monetary policy framework, and it will also affect the efficiency of marketing communication and expected guidance. 5/7
China's exchange rate system reform has certain difference from the traditionally-managed floating #exchangerate system, which will affect the expectations of the RMB exchange rate of domestic and foreign investors. 6/7
China's capital opening is mainly focused on #QFII, #QDII, RQFII, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. The overall arrangement is complicated; hence its convenience and policy predictability need to be improved. 7/7
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