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 in China, 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][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, with a shift towards more stable institutional openings [3]. - Currently, foreign entities hold approximately 10 trillion RMB in domestic financial assets, indicating substantial growth potential for the asset management sector [4]. Group 3: Challenges in the Asset Management Industry - The entry of foreign institutions into the asset management market is expected to intensify competition, as seen in the European asset management sector, where competition from US firms has led to a decline in the number of European asset management companies [4].