On the 25th, at the 2020 International Monetary Forum, Xiao Gang, a member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission, said that despite the turbulence in the international financial market, compared with the international market, China’s financial market has shown a relatively stable operation and strong toughness. It is recommended to build a RMB global financial asset allocation center, take measures such as accelerating the reform of financial market elements, and abolishing unnecessary administrative controls.

Xiao Gang pointed out that China's stock market has achieved a relatively rapid growth overall. In particular, the number of IPOs in Shanghai and Shenzhen should exceed those of Nasdaq and the New York Stock Exchange. From the perspective of the RMB exchange rate, the supply and demand in the foreign exchange market have maintained a basic balance, and foreign exchange reserves have also increased. The RMB exchange rate has increased in flexibility, and the exchange rate has maintained a two-way volatility and is generally stable.

China's financial market has shown a relatively stable situation and strong resilience, while also having strong vitality. As for why foreign capital is so interested in RMB assets? Xiao Gang believes that there are several reasons:

One is that China is the mainstay of stabilizing the global economy. Recently, China’s economic data for the first half of the year has been released, achieving a 3.2% growth in the second quarter. The recovery of economic growth is conducive to enhancing the confidence of foreign investors in RMB assets, especially attracting long-term capital inflows.

Second, the valuation of A-shares in major global stock markets is still relatively low. As of June 30, the P/E ratio of the Shanghai and Shenzhen 300 Index was 12.69 times, which was lower than the S&P 500 index of 26.07 times. China's 10-year government bond yield is still around 3%. Therefore, for investors who hold USD liquidity, RMB assets are relatively attractive.

Third, China's capital market has become one of the largest markets in the world. The stock market plus the bond market totaled 160 trillion yuan, ranking second in the world. Our public fund market also ranks fifth in the world. Such a large-capacity market has high activity and greater resilience. In particular, China’s stocks and bonds have been included in many mainstream international indexes. Once included in the international index, overseas long-term funds will follow the allocation, so It also attracted more long-term funds to allocate RMB assets.

Fourth, various measures to expand financial opening in recent years have shown their effects. We have announced and implemented a series of financial opening measures this year, such as the cancellation of QFII and RQFII investment quotas, and the abolition of restrictions on the proportion of foreign shares held by financial institutions. The ease of asset allocation for foreign investors to participate in China's financial market has been greatly improved.

Regarding how to build a RMB global financial asset allocation center, Xiao Gang suggested: First, we must accelerate the reform of financial market elements and eliminate unnecessary administrative controls; second, actively promote the internationalization of RMB. It is necessary to promote the pricing of commodities in RMB and increase the use of currency swaps; third, to advance RMB exchange rate reform and capital account convertibility in an orderly manner, to expand the scope of exchange rate fluctuations in a timely manner, and to improve the RMB exchange rate formation mechanism; fourth, to strengthen the building of supervisory capabilities and prevent imported risks.

Source: Xinhua Finance

观点 | 肖钢：打造人民币全球金融资产配置中心

25日，在2020国际货币论坛上，全国政协委员、中国证券监督管理委员会原主席肖钢表示，尽管国际金融市场出现动荡，但中国的金融市场和国际市场相比表现出比较稳定的运行态势和较强的韧性。建议打造好人民币全球金融资产配置中心，采取加快金融市场要素改革，取消不必要的行政管制等措施。
肖钢指出，中国的股票市场总体上实现了一个比较快的增长。特别是沪深两市IPO的数量应该超过了纳斯达克和纽约交易所。从人民币汇率来看，外汇市场的供求保持了基本平衡，外汇储备也有所上升，人民币汇率是弹性增强，汇率一直保持双向波动的态势，整体上稳定。
中国的金融市场表现出比较稳定的态势和较强的韧性，同时还具有很强的活力。关于为什么外资会对人民币资产有这么大的兴趣?肖钢认为主要有以下几个方面的原因:
一是中国是稳定全球经济的中流砥柱。最近已经发布上半年中国经济数据，第二季度实现3.2%的增长。经济恢复增长的情况有利于增强境外投资者对人民币资产的信心，特别是吸引长线资本流入。
二是A股在全球主要的股市当中估值还是相对偏低。截至6月30日，沪深300指数的市盈率为12.69倍，低于标普500指数26.07倍。中国10年期国债收益率还在3%左右。所以对于持有美元流动性的投资者而言，人民币资产具有比较高的吸引力。
三是中国资本市场已成为全球规模最大的市场之一，股票市场加上债券市场一共达到160万亿，居全球第二。我们的公募基金市场也跻身全球第五。这么大一个容量的市场，具有较高的活跃度和较大的韧性，特别是我国的股票和债券已被纳入多个主流国际指数，一旦纳入到国际指数，境外长期资金就会跟随配置，所以也吸引了更多长期资金来配置人民币资产。
四是近年来扩大金融开放的各项举措效果显现。我们今年以来宣布了也实施了一系列金融对外开放的举措，比如取消了QFII、RQFII的投资额度，比如取消了金融机构外资持股比例的限制等，境外投资者参与中国金融市场的资产配置便利度就得到了大大的提高。
对于如何打造好人民币全球金融资产配置中心，肖钢建议:一是要加快金融市场要素改革，取消不必要的行政管制；二是积极推进人民币国际化，推动大宗商品人民币计价，加大货币互换使用量；三是有序推进人民币汇率改革和资本项目可兑换，适时扩大汇率浮动范围，完善人民币汇率形成机制；四是加强监管能力建设，防范输入性风险。

来源：新华财经