The 2023 International Monetary Forum and the Release Conference of the RMB Internationalization Report 2023 took place in Beijing on July 22. It was co-hosted by the School of Finance of Nankai University and the School of Finance of Renmin University of China.
Chen Yulu, President of Nankai University; Zhang Donggang, Secretary of the Party Committee of Renmin University of China; Dai Xianglong, former President of the People’s Bank of China; Chen Wenling, Chief Economist of China Center for International Economic Exchanges; Huo Xuewen, Chairman of Bank of Beijing; Peng Wensheng, Chief Economist of China International Capital Corporation Limited (CICC) and President of CICC Global Institute; Wu Xiaoqiu, President of National Institute of Financial Research of Renmin University of China; Zhou Chengjun, Director of the Institute of Financial Research of the People’s Bank of China; Di Gang, Deputy Director of the Digital Currency Institute of the People’s Bank of China; Chen Daofu, Deputy Director of the Finance Institute of the Development Research Center of the State Council; Chen Weidong, President of the Research Institute of Bank of China , and other well-known experts and scholars from domestic and foreign financial management authorities, research institutes and financial industry attended the forum and centered their discussions on the forum’s theme “high-standard opening up and regional cooperation”.
In his opening speech, Chen Yulu said that RMB has become the third largest international currency after the U.S. dollar and euro. Putting RMB on a par with the U.S. dollar and the euro must be underpinned by China’s real economy modernization, development of the financial market, institutional openness of the financial system as well as the risk prevention and control system. The internationalization of RMB further brings diversified competition and checks and balances to the international monetary landscape, and its value logic is the common value of mankind. RMB is expected to become the most dynamic global high-quality public goods with the best potential. To promote the steady internationalization of RMB, it is necessary to do a good job of the basic work, such as increasing the availability and convenient use of cross-border RMB, promoting high-quality development and high-standard opening-up, advancing the construction of financial markets, contributing to the “dual carbon” goals, and ensuring a sustainable digital economy.
Zhang Donggang said that in order to foster a new development pattern and promote the high-quality development, the key is to promote changes in the quality, efficiency, and drivers of economic development, pursue the concept of high-quality development and high-standard opening up, and improve the macroeconomic governance system. China’s governance includes value philosophy, theoretical systems, policy guidance and concrete measures. He said that since 2012, Renmin University of China has regularly released the RMB Internationalization Report and held the International Monetary Forum, which is a key showcase for China’s achievements in economics discipline, and has provided strong intellectual support for a thriving world economy and the high-quality development of China’s economy.
The RMB Internationalization Report 2023 was released at the meeting. According to the report, the international use of RMB has reached a record high, with an upward trend and great potential. The report highlights the influence mechanism and importance of economic and trade cooperation on internationalization of currency. International economic and trade cooperation, which is an effective way for China to achieve high-quality development and RMB internationalization, can spur economic integration as well as economic and financial development in member states. Therefore, for the internationalization of RMB, we shall start with more extensive, multi-level economic and trade cooperation, and steadily expand high-standard institutional opening up.
Dai Xianglong, Chen Wenling, Huo Xuewen, Peng Wensheng and Wu Xiaoqiu delivered keynote speeches.
In the afternoon, experts and scholars exchanged views on “high-standard opening up and RMB internationalization”, “high-standard opening up and high-quality financial development”, and “digital transformation to aid the high-quality development of the financial industry”.
It is learned that the International Monetary Forum drew well-known experts and scholars from scientific research institutes, government bodies and financial institutions in Europe, America, Asia and Africa. Since its inception, the International Monetary Forum with an international perspective has focused on the internationalization of RMB, investigated emerging market currency crises, and discussed international market trends in addition to focusing on hot financial issues in China.
（Edited and translated by Nankai News Team.)