政策解读·问答丨本币互换对我国经济有何作用

Core Viewpoint - The People's Bank of China (PBOC) has been actively deepening foreign currency cooperation and steadily advancing bilateral currency swap agreements, which enhance financial stability and facilitate trade and investment [1][2][3]. Group 1: Bilateral Currency Swap Agreements - In 2023, the PBOC has signed or renewed bilateral currency swap agreements with eight foreign central banks, including the European Central Bank and the Bank of Thailand [1]. - As of September 30, 2023, the PBOC has established effective bilateral currency swap agreements with 32 countries and regions, covering major economies across Asia, Europe, Africa, the Americas, and Oceania [3]. - The total scale of these currency swap agreements is approximately 4.5 trillion RMB, providing stable RMB liquidity globally [3]. Group 2: Economic Impact - Bilateral currency swaps facilitate cross-border trade and investment, significantly promoting international economic development [4]. - For example, the renewed currency swap agreement between China and Brazil, which started in 2013 with a scale of 190 billion RMB, enhances trade relations and market confidence, contributing to regional and global financial stability [4]. - Companies engaged in international trade can utilize local currency funds obtained through swaps, allowing them to quote and settle transactions in RMB or the counterpart's currency, thus stabilizing costs and profits [5]. Group 3: Implications for the RMB - The expanding scale and scope of currency swaps indicate a growing willingness among countries to hold and use RMB, reflecting an increase in the international recognition of the currency [6]. - Currency swaps have become an essential part of the global financial safety net, enhancing financial autonomy and stability for participating countries [6]. - The ongoing cooperation and trust-building between the PBOC and other central banks will further advance the internationalization of the RMB [7].