央行研究所丁志杰： 人民币国际化是资管行业发展的重要机遇

Core Viewpoint - The internationalization of the Renminbi (RMB) presents significant opportunities for the asset management industry, driven by increased cross-border asset allocation and the growing demand for RMB-denominated assets from foreign investors [2][4]. Group 1: RMB as a Currency Anchor - The RMB has emerged as the third currency with a "currency anchor" effect, following the US dollar and the euro, influencing exchange rate policies in various countries [2]. - Empirical research indicates that the RMB exhibits a "currency anchor" effect in countries involved in the Belt and Road Initiative, particularly in East Asia, with some African currencies also showing a correlation with the RMB [2][3]. - Unlike the dollar and euro, the RMB's "currency anchor" effect is not based on institutional arrangements but rather on factual linkages due to China's extensive trade relationships [2][3]. Group 2: Opportunities in Asset Management - The internationalization of the RMB and financial opening are seen as crucial opportunities for the development of the asset management industry [3]. - Currently, foreign entities hold approximately 10 trillion RMB in domestic financial assets, indicating substantial growth potential, as foreign investor participation in China's capital markets is around 3%, compared to over 10% in developed countries [4]. - The increasing demand for overseas asset allocation by Chinese financial institutions, enterprises, and individuals, alongside foreign investors' interest in RMB assets, is expected to rise significantly [4]. Group 3: Challenges in the Asset Management Sector - The entry of foreign institutions into the asset management industry will intensify competition, as seen in the European asset management sector, which has faced challenges from US firms despite overall growth [4]. - Strengthening internal capabilities will be essential for asset management firms to navigate the competitive landscape created by increased foreign participation [4].