人民币“朋友圈”稳步扩容

Core Viewpoint - The People's Bank of China (PBOC) is actively promoting bilateral currency swap agreements to enhance trade and financial stability, with recent agreements signed with multiple central banks, including the Bank of Korea. Group 1: Bilateral Currency Swap Agreements - The PBOC has renewed its bilateral currency swap agreement with the Bank of Korea, with a swap scale of 400 billion RMB / 70 trillion KRW, valid for five years and extendable by mutual consent [1] - In addition to the Bank of Korea, the PBOC has signed or renewed bilateral currency swap agreements with nine other central banks or monetary authorities this year, including those from Iceland, the European Central Bank, and Switzerland [1] Group 2: Benefits of Currency Swaps - Bilateral currency swaps enhance the convenience of cross-border trade settlements by reducing reliance on third-party currencies, thus mitigating the instability of foreign trade and the impact of exchange rate fluctuations on businesses [2] - These agreements promote the internationalization of the RMB by providing potential liquidity arrangements for overseas use, facilitating cross-border RMB settlements and investment activities, and increasing the willingness to use RMB [2] - The currency swaps contribute to the role of RMB in the international financial safety network, allowing countries to seek emergency liquidity support in times of liquidity crises, thereby stabilizing cross-border payments and financial systems [2] Group 3: Future Outlook - The utilization of RMB under the bilateral currency swap mechanism has been increasing, with growing market recognition and expanding usage scenarios from trade to investment financing, positively impacting the cross-border use of RMB and international financial security [3] - Future innovations in financial product systems are anticipated to enhance the breadth and depth of the offshore RMB liquidity market, providing more support for enterprises to obtain RMB liquidity and engage in investment activities [3]