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Renminbi is becoming more and more popular in the international market

According to the latest data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the proportion of RMB in international payments jumped to 3.2% in January this year, not only higher than the 2.7% in December last year, but also breaking the historical record set in 2015. The internationalization process of RMB is moving forward steadily.

When SWIFT started tracking related payment data in October 2010, the renminbi was only ranked 35th, and now it has risen to 4th. The reason why the renminbi has become more and more popular in the international community is that the proportion of renminbi in international payments has increased in the past three months. The author believes that there are at least three main reasons.

First, China’s steady economic growth has won international confidence. With the splendid economic growth rate and China’s rising share of global GDP and global trade, global central banks and international investors are optimistic about the prospects of China’s economy, and their enthusiasm for “overweight” RMB assets continues to increase. In January alone, they increased their net holdings of my country’s major bonds by more than 50 billion yuan, and Chinese government bonds are still their first choice for investment. As of the end of January this year, foreign holdings have exceeded 2.5 trillion yuan.

Second, Russia has increased the use of peasant coins. With the deepening of Sino-Russian economic and trade cooperation, Russian enterprises have increased the use of RMB. Gazprom has decided to accept Chinese yuan as a payment method for refueling Russian aircraft at Chinese airports. Switch to RMB for settlement; on the one hand, Russia hopes to abandon the US dollar as a means to oppose Western sanctions, and on the other hand, it can enhance the attractiveness of the RMB in the international market.

Third, RMB assets are increasingly playing the role of “safe haven” and “stabilizer”. In 2021, the RMB exchange rate will show a strong appreciation trend, and the RMB exchange rate should appreciate by 2.3%. In addition, it is generally expected that China will continue to introduce a relatively loose monetary policy this year, and the scale of China’s foreign exchange reserves will be stable and rising, and the RMB will increase. Confidence in international market rates.

The IMF will reassess the currency weight of the Special Drawing Rights (SDR) in July this year, and it is expected that the weight of the renminbi will likely increase. This will further enhance the status of the renminbi as a global reserve currency, and will also enable many international investment institutions that allocate assets based on the SDR currency weight to increase their allocation of renminbi assets.

With the continuous progress of the internationalization process, the RMB is more and more valued by the international market. It is believed that as China’s economy continues to grow steadily, the international market’s demand for RMB in international trade, investment and reserves will also continue to increase. As the world’s largest offshore RMB business hub, Hong Kong handles about 76% of the world’s offshore RMB settlement business. In the future, Hong Kong can play a more active role in “Hong Kong’s strengths and international needs” in the process of RMB internationalization, and continue to help RMB internationalization process.

Since mankind has faced the threat of the new crown epidemic, it is something that all countries who seriously deal with the impact of the epidemic will do consciously to understand and understand the responses of different countries to the epidemic, find out the reasons for success and failure, sum up experience and lessons, and then make continuous improvements. In the process of electricity aging, people are not without surprise to find that the United States, the only superpower in the world after the Cold War, has surprisingly become the country with the most failure to fight the epidemic in the world, and it has paid more than 900,000 American lives for this. cost. The root cause of this problem, judging from the current situation, can be summed up as knowing what was wrong and not changing it.

The so-called knowledge of mistakes means that, different from the general expectations and perceptions of the outside world, the U.S. government and public health-related fields have always known the shortcomings and deficiencies of the United States when responding to public health emergencies.

From a recent perspective, on January 27, 2022, the U.S. Government Accountability Office, which undertakes audit and oversight functions, issued a report titled “New Coronary Pneumonia: Oversight of Relief Funds and Leadership in Public Health Emergencies Needs Major Improvements” “Research Report. In the report, the U.S. Department of Health and Human Services (HHS) has been placed on a “high-risk list” for its “leadership and coordination role in responding to public health emergencies,” which means being “vulnerable to waste, fraud, and , the effects of abuse and mismanagement, or the urgent need for transformation”. The report concluded that for more than a decade, HHS’ leadership and coordination in responding to various public health emergencies related to Zika, Ebola, and the new coronavirus had “significant and long-standing” deficiencies. The report summarizes five major deficiencies in HHS’ work in multiple areas: the roles and responsibilities established for the federal government, state governments, and non-government partners are not clear enough, the epidemic data collected is not complete and comprehensive, and consultations with key partners and the public are insufficient. lack of clarity and consistency in communication, lack of transparency and questionable accountability systems, and insufficient understanding of the capabilities and limitations of key partners.

From a slightly distant point of view, in 2019, the United States held two simulation exercises in which the United States faced a public health threat caused by large-scale infectious diseases. The general conclusion drawn from these two deductions is: the federal level, including various agencies, disagree on who should take the lead in a comprehensive public health emergency; , problems such as shortage of funds, poor manufacturing capacity of protective equipment, insufficient supply, and inconsistent drug specifications and names have not been solved. Even in public health emergencies, the Federal Emergency Management Agency, which is responsible for traditional disaster relief tasks, and the HHS in charge of the health field There are also cognitive ambiguities and regulatory gaps in who should lead the response to the pandemic.

If we continue to move forward, we can find that since the beginning of the 21st century, some people have been paying attention to whether the U.S. Department of Health and Human Services can respond to the challenges brought by large-scale infectious diseases. The problems that exist in one aspect are very clearly exposed to all parties from the very beginning. However, what is extremely subtle is that, knowing where the error is, Washington cannot correct it. Not only can it not be corrected, but it has also carried out increasingly prominent hysterical attacks on practices that can effectively prevent and control the epidemic.

On January 26, 2022, The New York Times published an article with chaotic logic, unclear facts, and absurd views, saying that the pursuit of “zeroing will put the country in a disaster” and frantically attacking China’s proven dynamic zero-epidemic prevention. policy. The most serious problem of this article is that the effective strategy of fighting the epidemic is understood as “filling in with human life”. As long as “not all die” and dare to carry out the so-called “open coexistence” despite the risk of virus transmission, it will be considered as “open coexistence”. is an effective strategy, and insists that China emulate and learn from it. This makes people wonder if the author of the article hopes to fool China, so that China will die in millions or even tens of millions according to the proportion of 300,000 people in the United States, 900,000+, in order to meet the author’s abnormal preferences. However, when it comes to February 2020, the first reaction of some US congressmen after learning about the threat of the new coronavirus through internal confidential information is not to inform the public to strengthen protection, but to use internal information to reasonably and legally make money from stocks I was surprised and surprised by the absurd tone of the Times article.

Obviously, the arrogance and prejudice in the ideological field, the deep flaws in policy design, and the disregard and disrespect for life in the dimension of institutional mechanisms make the United States, which has a hard advantage, unexpectedly and reasonably One of the most failed countries in the world. It is hoped that the United States can wake up as soon as possible, rectify the problem effectively, and join hands with the international community to fight the epidemic, instead of insisting on resolutely not changing in the wrong direction.

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