上海成黄金托管新中心！东盟弃欧美选中国，人民币迎来新机遇！

Core Viewpoint - The internationalization of the Renminbi (RMB) is gaining momentum amid a global trend of de-dollarization, with countries increasingly seeking alternatives to the US dollar for trade payments, particularly through the launch of the digital RMB international operation center in Shanghai [1][14]. Group 1: RMB Internationalization Progress - As of January to August 2024, the amount of goods trade settled in RMB accounted for 26.5% of global cross-border trade [5]. - In August 2024, RMB's share in global payments was 4.69%, maintaining its position as the fourth largest payment currency for ten consecutive months [7]. - The Cross-Border Interbank Payment System (CIPS) covers 189 countries and regions, facilitating smoother RMB circulation internationally [8]. Group 2: Challenges to RMB Internationalization - The capital account remains insufficiently open, limiting foreign investment in China's bond and stock markets due to quota restrictions [10]. - The liquidity and safety of domestic assets are lacking, with China's government bonds having a market size significantly smaller than US Treasuries [12]. - A limited number of commodities are priced in RMB, with only 4% of imported crude oil settled in RMB in 2024 [12]. Group 3: Gold as a Strategic Asset - Southeast Asian countries are increasingly storing gold in China, which signifies a shift in the global financial landscape and a competition for gold pricing power [3][19]. - The combination of digital RMB and gold provides a new pathway for RMB internationalization, allowing countries to use RMB without converting to USD [14][29]. - The Shanghai Gold Exchange is the largest physical gold trading platform globally, facilitating transactions in RMB and providing services like gold leasing and financing [25]. Group 4: Economic and Geopolitical Implications - The geopolitical climate, particularly post-Russia-Ukraine conflict, has led countries to seek safer asset storage options, with China emerging as a viable alternative [23][25]. - The RMB-gold model could potentially reduce the demand for USD in Southeast Asia by $120 billion annually if 30% of oil trade shifts to this model [31]. - The RMB-gold system aims to enhance the core functions of the RMB as a payment, safe-haven, and reserve currency, gradually breaking the dominance of the USD [33]. Group 5: Impact on Daily Life and Investment - The expansion of RMB usage in international settlements will lower transaction costs for consumers, reducing currency exchange fees [35]. - The promotion of digital RMB will simplify cross-border payments, allowing for seamless transactions without the need for large amounts of foreign currency [37]. - New investment products combining RMB and gold are emerging, offering stable returns and lower risks in the current low-interest-rate environment [40].