连平：金融强国建设需要强势人民币

Core Viewpoint - The construction of a financial power in China is essential for the country's economic development, with a focus on maintaining a reasonable level of the RMB exchange rate as a foundation for a modern financial system [1][6]. Group 1: Strong Currency - A strong currency is a key element for a financial power, characterized by its widespread use in international trade and investment, and its status as a global reserve currency [2]. - An appropriately strong RMB will facilitate its broader use in global trade, support Chinese enterprises in international expansion, and encourage foreign capital to hold RMB for investment [2][6]. - The RMB's strength is crucial for increasing its share in foreign reserves globally, as a weak currency may lead countries to reduce their RMB holdings [2][3]. Group 2: Strong Financial Institutions - Strong financial institutions are essential, defined by comprehensive service offerings, high operational efficiency, and strong risk management capabilities [3]. - Despite having the largest banking sector globally, Chinese financial institutions face challenges in international competitiveness, partly due to the low global usage of the RMB [3]. - Sustained strength of the RMB could enhance the international competitiveness of Chinese financial institutions by increasing their RMB-denominated assets and liabilities abroad [3]. Group 3: International Financial Center - A strong international financial center is necessary to attract global investors and influence international pricing systems [4]. - Shanghai's financial center has not yet reached the level of leading centers like New York and London, partly due to insufficient foreign participation and the RMB's limited appreciation [4][5]. - Historical evidence suggests that a currency must maintain strength over time to support the development of a world-class international financial center [5]. Group 4: Central Bank Role - A strong central bank is vital for effective monetary policy and macro-prudential management, which helps prevent systemic risks [6]. - The internationalization of the RMB may be hindered if it remains a weak currency, affecting its acceptance and influence globally [6]. - A relatively strong RMB supports the central bank's functions and aligns with the need for a stable exchange rate policy that considers both supply and demand [7].