Transcript 境外直接投资人民币结算试点

RMB Cross Border Trade Settlement Scheme
Mr Wang Zuogang, Director of RMB X-Border Sub Department with Monetary Policy II
Department of People’s Bank of China (PBOC) HO
Treasury Leadership Series
February 22nd, 2011
February 2011
Strictly Private and Confidential
跨境人民币结算试点情况
Status of Pilot Program of Renminbi Clearing and Settlement of
Cross-border Trade Transactions
2011年2月
February, 2011
目录
Contents
一、试点背景 Background of Pilot Program
二、试点工作简要回顾 Brief Review of the Work of Pilot Program
三、试点工作的基本原则 Basic Principles of the Work of Pilot Program
四、目前的跨境贸易人民币结算试点政策 Existing Policy on Pilot Program
of Renminbi Clearing and Settlement of Cross-border Trade
Transactions
五、2010年试点的基本情况 Pilot Program in 2010
六、境外直接投资人民币结算试点 Pilot Renminbi Settlement of Offshore
Direct Investment
七、境外人民币融资 Offshore Renminbi Financing
八、面临的挑战 Exposing the Challenge
九、下一步工作 Next steps
一、试点背景
1. Background of Pilot Program

国际金融危机 International financial crisis
– 主要国际结算货币大幅波动，企业贸易困难 Major internationally
settled currency fluctuated substantially, causing difficulties for
enterprises to do trading
– 国际社会呼吁进行国际货币体系改革 The global community appealed
for a reform of international monetary system

货币金融“走出去”落后于企业“走出去” “Stepping out” of the
currency financing sector lagged behind the “Stepping out” of
enterprises
– 2009年出口量位居第一 The exports in 2009 ranked number one
– 境外直接投资快速增长 Rapid growth in overseas direct investment
二、试点工作简要回顾
2. Brief Review of the Work of Pilot Program

2009年7月6日，开始跨境贸易人民币结算试点
On 6 July 2009, the pilot Program of Renminbi clearing and settlement of
cross-border trade transactions was commenced

2010年6月17日，扩大跨境贸易人民币结算试点范围
On 17 June 2010, the scope of the pilot program of cross-border trade
Renminbi settlement was expanded

2010年8月17日，开始境外三类机构运用人民币投资银行间债券市场试点
On 17 August 2010, the inter-banks bonds market pilot program of three
types of offshore institutions using Renminbi investment was commenced

2011年1月6日，开始境外直接投资人民币结算试点
On 6 January 2011, settlement of off-shores direct investment was
commenced
三、试点工作的基本原则
3. Basic Principles of the Work of
Pilot Program

顺应市场需求，促进贸易和投资便利化
Being responsive to market needs and promotes trade and investment
facilitation

减少本币结算的制度障碍，适当提供便利
Reduce obstacles of the currency settlement system and provide
convenience

严格贸易真实性审核，有效防范风险
Strictly examine the validity of trade to prevent risks in an effective
manner

采取市场化管理方式，加强事后监管和信息共享
Adopts market management, reinforces consequent regulation and
information sharing
四、目前的跨境贸易人民币结算试点政策
4. Existing Policy on Pilot Program of Renminbi
Clearing and Settlement of Cross-border Trade
Transactions

境外地域：所有境外国家和地区
Off-shore regions: All overseas countries and regions

境内试点地区：北京、天津、内蒙古、上海、广东等20个省（自治区、直辖市）
On-shore pilot areas: 20 provinces (including autonomous regions, municipalities)
of Beijing, Tianjin, Inner Mongolia, Shanghai, Guangdong, etc.

业务类型：货物贸易、服务贸易和其他经常项目人民币结算
Type of Business: Goods trading, service trading and other ordinary items settled in
Renminbi

试点地区货物进口、服务贸易和其他经常项目人民币结算不限试点企业
Pilot enterprises are not limited to goods imports, service trading and other ordinary
items settled in Renminbi within pilot areas

出口货物贸易人民币结算实行试点企业名单管理，两批共67724家试点企业
Export goods trading settled in Renminbi implement management. The list of pilot
enterprises is in two batches with a total of 67,724 pilot enterprises
五、2010年的试点情况
5. Pilot Program in 2010

跨境贸易人民币结算量快速增长
Volume of cross-border trade transactions settled in Renminbi growing rapidly
–
2010年，银行累计办理跨境贸易人民币结算业务5063亿元，约占同期对外贸易总额的2.5%
In 2010, there was accumulatively 506.3 billion yuan of Renminbi settlement cross-border trade transactions
administered by banks, approximately representing 2.5% of the total external trade for the same corresponding
period
–
从境内地区分布看，共有10个试点地区跨境贸易人民币结算量超过100亿元
From the perspective of on-shore geographic regions, there are 10 pilot areas with volume of cross-border
trading settled in Renminbi exceeding 10 billion yuan

稳步进行人民币跨境投融资个案试点
Steadily facilitating the pilot program of Renminbi cross-border investment and financing cases
–
2010年，人民币跨境投融资试点超过700 亿元
–
In 2010, pilot programs of Renminbi cross-border investment and financing exceeded 70 billion yuan

香港人民币业务较快发展
Renminbi business in Hong Kong has a relatively fast development
–
至2010年12月末，香港地区跨境贸易人民币实际收付累计结算量占比为74％
–
As of the end of December 2010, the percentage of accumulative settlement amount of actual Renminbi
receipts and payments for cross-border trade transactions in Hong Kong region was 74%
–
至2010年12月末，香港人民币存款达到3149亿元
–
As of the end of December 2010, Renminbi deposits in Hong Kong reached 314.9 billion yuan
–
自2010年7月开始，香港发行“点心”债券超过350亿元
–
Since July 2010, issuance of “Dimsum” bonds in Hong Kong has exceeded 35 billion yuan
年跨境贸易人民币结算量按月情况
Monthly Status for Renminbi Settlement Amount of
Cross-border Trade Transactions in 2010
1400
亿元
(in hundred million)
1200
1000
800
600
400
200
0
1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月
收款金额
Receipts
付款金额
Payments
收付款金额合计
Total Receipts and Payments
Jan - Dec
2010年境外人民币实际收付累计结算量占比
Percentage of Accumulative Settlement Amount of
Actual Off-shore Renminbi Receipts and Payments
Bahamas
Vietnam
越南
2.1%
中国台湾
2.4%
Taiwan, China
Venezuela
巴哈马
1.9%
Others
其他
11.3%
委内瑞拉
2.5%
Singapore
新加坡
5.6%
香港
74.1%
Hong Kong
六、境外直接投资人民币结算试点
6. Pilot Renminbi Settlement of Offshore
Direct Investment

试点背景 Background
– 2010年跨境贸易人民币结算试点取得突破性进展 Pilot Renminbi settlement
in cross-border trades has achieved breakthrough in 2010.
– 人民币跨境投融资个案试点稳步进行，企业需求强烈Progress of pilot has
been steady and corporate enterprise demand has been strong
– 新疆率先开展跨境直接投资人民币结算试点 Xinjiang took a lead in carrying
out pilot Renminbi settlement of cross-border direct investment.
– “十二五”规划建议要求：“扩大人民币在跨境贸易和投资中的作用”
Requirement of the “twelfth five-year” plan: “Expand the role of Renminbi in
cross-border trades and investment”.

试点范围：跨境贸易人民币结算试点地区 Pilot scope: regions of pilot
Renminbi settlement in cross-border trades.

指导思想：坚持“事后管理”，在有效防控风险的基础上便利银行和企业开展
业务 Guiding principle: adherence to “post-administration” and make it
convenient for banks and enterprises to carry out their business on the
basis of effective risk prevention and control.
六、境外直接投资人民币结算试点（续）
6. Pilot Renminbi Settlement of Offshore
Direct Investment (Cont’d)

业务办理流程 Business process
–
企业凭商务部门的核准证书或文件直接到银行办理境外直接投资人民币资金汇出入手续，首次办理时
到外汇局办理登记，之后办理的其他业务向外汇局报送信息 With approval certificate or document
issued by Business Administration Department, enterprises go to banks for Renminbi exchange of
Offshore direct investment. The first exchange should be registered in Foreign Exchange
Administration while the later ones should be reported to Foreign Exchange Administration.
–
银行在按照规定审核企业提交的有关文件材料后，可直接为企业办理境外直接投资人民币结算业务，
并向RCPMIS报送人民币跨境收付信息 A bank, under related regulations, audits documents and
materials submitted by an enterprise, completes the Renminbi settlement of Offshore direct
investment for the enterprise and then reports cross-border Renminbi payment and receipt
information to RCPMIS.

监督管理 Supervision and administration
–
人民银行会同外汇局对银行、企业进行监督检查 People’s Bank and Administration of Foreign
Exchange supervises and inspects banks and enterprises.
–
人民银行与商务部和外汇局建立信息共享机制 People’s Bank and Administration of Foreign
Exchange penalizes banks and enterprises for their violation of related regulation.
–
人民银行会同外汇局对银行、企业违反有关规定的行为进行处罚 People’s Bank, the Ministry of
Commerce and the Administration of Foreign Exchange set up information sharing mechanism.

金融机构可参照《境外直接投资人民币结算试点管理办法》办理人民币境外直接投资 Financial
institutions can have access to Renminbi settlement of Offshore direct investment according to
Measures of Management on Pilot Renminbi Settlement of Offshore Direct Investment.
七、境外人民币融资
7. Offshore Renminbi Financing

银行可为境内机构境外投资企业或项目提供人民币贷款 Banks can
provide Renminbi loans to Offshore investment enterprises or
projects of inward institutions.
– 直接放贷 direct loans
– 通过境外分行或代理行放贷的，可调拨或融出人民币资金，并于15
日内向所在地人民银行备案 If loans are granted through Offshore
branches or corresponding banks, Renminbi capital can be
allocated or financed, which should be reported and kept on record
in local People’s Bank within 15 days.
– 向RCPMIS报送有关人民币跨境收付信息 Report related crossborder Renminbi payment and receipt information to RCPMIS.

企业境外股东贷款 Offshore shareholder loans of enterprises
在投资总额内发放人民币贷款 Grant Renminbi loans within the
total investment.
–
为企业股东贷款办理结算业务的银行应向RCPMIS报送有关人民币
跨境收付信息 Any bank who carries out settlement of enterprise’s
shareholder loans should report related cross-border Renminbi
payment and receipt information to RCPMIS.
八、面临挑战
8. Exposing the Challenges

将增加资本跨境流动的规模和频率，要求提高宏观管理水平
Scale and frequency of cross-border capital liquidity shall be enhanced
and improvements to macro management level are required

改变了货币政策传导机制，使中央银行的货币政策执行更为复杂
Transmission mechanism of monetary policy has been changed,
making the execution of monetary policy by central banks more
complicated

给维护货币和金融稳定带来更大挑战
Bringing greater challenges to maintaining the stability of monetary
and finance
九、下一步工作
9. Next Steps

进一步扩大跨境贸易人民币结算试点范围
Further expansion of the scope of pilot program of Renminbi Clearing
and Settlement

研究起草外商直接投资人民币结算试点管理办法
Study and draft the Administrative Measures for Direct Investment in
Renminbi Clearing and Settlement by Foreign Investors

研究起草人民币对外负债管理制度
Study and draft the Administrative System for Renminbi External
Debts
谢 谢！
Thank You !
–
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