2012年无疑是中国的“金融改革”之年。这一年金融改革大刀阔斧：汇改稳步前进，沉寂许久的利率市场化也大步向前迈进；人民币国际化再上新台阶；地方金改多方萌动，摩拳擦掌；银行业也遭遇了资本新规。

Is China in 2012"Financial reform"The year of.Substantial financial reform this year:To proceed steadily,Silence for a long time of interest rate marketization is also big step forward;RMB internationalization in the new stage;Where gold changed many, however,A fight;Banking also encountered new capital rules.

　　居安思危，思则有备，有备无患。显然，改革已不是简单的缝缝补补，已迫在眉睫。中国过去十年以投资和出口拉动经济增长的模式已经难以为继，2012年第三季度，中国GDP同比增长为7.4%，是近3年以来中国GDP最慢的增速。当经济增长中枢下移，单纯的政策刺激只能是饮鸩止渴，金融体系的稳健性和弹性关系到经济增长模式的成功转换，故制度变革金融需先行，而改革带来的制度红利也将会成为中国经济新的增长动力。

Peace with sword in hand,Think it is ready,Any conditions they might encounter.obviously,Reform has not simple patchy,Is imminent.China in the past ten years in investment and exports the mode of economic growth is unsustainable,In the third quarter of 2012,China's GDP growth of 7.4% year-on-year,Is the slowest growth rate in GDP in nearly three years.When economic growth center,Can only be the remedy is worse than the simple policy stimulation,Financial system robustness and flexibility is related to the success of economic growth mode transformation,So system change financial needs first,And reform of the system of dividend will also become the motive power of China's new economic growth.

　　“深化金融体制改革，完善金融监管，推进金融创新，维护金融稳定”就是十八大报告对我国金融系统的下一个10年的发展做出的方向性概括。对于这一轮深化金融体制改革的重点，央行行长周小川解释说：“我国下一步要健全现代金融系统，更大力度地促进宏观经济稳定，支持实体经济发展；继续稳步推进利率市场化和汇率改革，同时逐步实现人民币资本项目可兑换，加快民营金融机构发展。”

"We will deepen reform of the financial system,Perfect financial supervision,Promote financial innovation,To maintain financial stability"Is the eighteenth big report of the financial system of our country in the next 10 years of development direction.For this round of deepening the reform of the financial system,The central bank, zhou xiaochuan, the governor explained:"Next to the modern financial system in our country,Greater efforts to promote macroeconomic stability,Support the development of economy;Continue to steadily promote the reform of interest rate marketization and RMB exchange rate,At the same time gradually make the RMB convertible under the capital,Speed up the development of private financial institutions."

　　热闹的地方金改试点已拉开序幕，但最终效果还需拭目以待。

Busy place gold reform has started,But in the end effect still need to wait and see.

　　金融改革是复杂艰辛的，但前途必然是光明的。不乏观点认为目前中国经济增长放缓与金融抑制有关，金融部门让利实体，也让银行业消肿，强健筋骨，才能完成“稳增长”的大任。

Financial reform is complex and arduous,But the future is bright.Thering is no lack of ideas that at present China's economic slowdown and financial repression,The financial sector on entity,Also let swelling of the banking industry,Strong bones and muscles,To finish"Steady growth"The responsibility of.

　　

地方金改：自下而上的探索 Local gold):From bottom to top

　　2012年最吸引眼球的，是新一轮金融改革已蓄势待发，一时间各地争先恐后地掀起了金融改革的“圈地”运动，粤、津、沪纷纷摩拳擦掌，最终却仅有3家国家级综合性试验区如愿以偿。

In 2012, the most eye-catching,Is a new round of financial reform has been gaining momentum,The reform of the financial competitively throughout time"enclosure"sports,guangdong/tianjin/Shanghai plan sizable,But only three state-level comprehensive experimental zone.

　　2012年12月25日上午，福建省政府召开新闻发布会宣布，《福建省泉州市金融服务实体经济综合改革试验区总体方案》（以下称“《方案》”）日前已获国务院批准通过，泉州成为继温州、珠三角之后的第三个国家级金融综合改革试验区。而三个试验区的重点不尽相同。温州金改的侧重在于理顺民间借贷系统，珠三角核心在于金融国际化，而本次泉州金改的着力点落在了“开展石化、鞋业、纺织服装产业投资基金试点，支持设立创业投资引导基金，加大政府对创业投资引导基金的投入”。服务实体经济的方向十分明显。

On December 25, 2012 in the morning,Fujian provincial government held a press conference announced,[Quanzhou city in fujian province comprehensive reform pilot area of financial services entity economy overall scheme](Hereinafter referred to as the"[scheme]")Recently has been approved by the state council,Quanzhou in the wenzhou/After the third national synthetically reform testing district finance of pearl river delta.The experimental zone of the three key is not the same.Wenzhou gold instead of focusing on is to straighten out the folk lending system,The pearl river delta core lies in the financial internationalization,And the starting point of the quanzhou gold to fall in"In petrochemical industry/shoes/Textile and apparel industry investment fund,Support to set up venture investment guide fund,Lead the venture investment fund investment from the government".The direction of the service economy is very obvious.

　　事实上，在温州金改获批的示范效应下，泉州市早在2012年3月就上报了金改方案。

As a matter of fact,In wenzhou gold to approved the demonstration effect,Quanzhou report as early as March 2012 gold change plan.

　　而2012年5月福建省出台的《关于金融服务实体经济发展十一条措施的通知》中也提道，要推动泉州国家金融服务实体经济综合改革试验区建设；支持泉州开展“区域集优债务融资模式”试点，扩大泉州债券融资规模，发展各类股权投资基金；在泉州试点开展民间融资登记管理制度。

And of fujian province in May 2012[About 11 of financial services entity economic development measures of the notice]In the way,To promote quanzhou national synthetically reform testing district construction of financial services entity economy;Support to quanzhou to carry out"Area of optimal debt financing mode"The pilot,Enlarge the scale of quanzhou bond financing,Development of all kinds of equity investment funds;Folk financing in quanzhou pilot registration management system.

　　最终于此时获批，更多是缘于该《方案》与十八大报告中提到的改革重点相契合。

Finally in approved at this time,More is due to this[scheme]With 18 major report mentioned in the reform of the key fits.

　　与温州金改试验区相比，泉州具有同样的特性中小企业多、民间借贷盛行。在国内经济回落、海外经济不景气的背景下，支持当地企业转型、让地下民间借贷阳光化显然是未来主要的趋势。

Compared with wenzhou gold change experimental zone,Quanzhou has the same characteristics of small and medium-sized enterprises/The folk lending in.In the domestic economy/Under the background of overseas economic recession,Support local enterprise transformation/The underground folk lending sunshine is obviously the main trend in the future.

　　于是，在中国经济整体走向结构转型、重振实体经济的当口，以金改为突破口，盘活民营经济是重中之重。

so,In China's economic integral to the structure transformation/Revive economy further,With gold to breakthrough,Revitalize the private economy is a top priority.

　　而在十八大报告中，也是有史以来第一次提道，要“大力推进民营金融机构发展”。这让泰康人寿董事长陈东升很兴奋，他表示，在中国金融体系里面，一直是以巨无霸的国有金融企业为主，而在未来的金融领域里面，引进民营的机制，真正诞生市场化的金融家，才是今后金融改革最核心的方向。

But in the eighteenth big report,Is also a way for the first time in history,Want to"Vigorously promote the development of private financial institutions".The taikang life vetter chairman was so excited,He said,In China's financial system,Is a big MAC of state-owned financial enterprises,And in the future of the financial sector,Introduce the mechanism of private,Real birth marketization of financiers,Is the core of financial reform direction in the future.

　　目前，金融服务与实体经济，这唇齿相依的双方并非“毫无芥蒂”，目前金融对实体经济的服务面临的问题是，贷款需求与信贷满足程度并不匹配。大量的信贷还是流向资金缺口并不严重的大型企业、优质项目，虽然各大银行愈发重视小企业贷款，但由于小企业不可忽视的高风险问题，这种矛盾仍然较突出。

At present,,Financial services and the real economy,The intricately interrelated on both sides of the is not"There is no bad feelings",At present, financial services are faced with the problem of the real economy is,Loan demand and satisfaction of credit does not match.A large amount of credit or large enterprise flow funding gap is not serious/High quality project,Although Banks more emphasis on small business loans,But due to the high risk of small business should not be neglected problem,The contradictions are still outstanding.

　　在2012年3月通过的温州区域性的金改方案，致力解决的正是这种不匹配。可效果却在打折。

In March 2012 by the wenzhou regional gold instead,To solve this kind of don't match.But the effect on sale.

　　直到8个月后的11月23日，浙江省政府制定的温州金融综合改革实施12条细则(以下简称“金改细则”)终于揭开面纱在鼓励和支持民间资金参与地方金融机构改革方面，金改细则提出，将发起设立或参股村镇银行、贷款公司、农村资金互助社等新型金融组织，并将温州银行增资扩股作为民间资本进入金融领域的突破口。

Until the November 23, after eight months,Formulated by the government of the zhejiang province wenzhou financial comprehensive reform of the detailed rules for the implementation of article 12(Hereinafter referred to as the"Gold to rules")Finally unveiled in encourages and supports the folk capital to participate in the reform of local financial institutions,Gold to rules,Will be established or equity village and town bank/Loans to the company/In rural areas of new financial organizations such as mutual funds,And will be in wenzhou bank increase endowment spread as a breakthrough in the field of folk capital into the financial.

　　这一内容备受关注，若温州能引导民营资本，成功地改进中小企业服务，对民间融资阳光化、规范化具有重要意义。

The concern about the content,If wenzhou can guide the private capital,Successfully improve the small and medium-sized enterprise service,The folk financing sunshine/Standardization is of great significance.

　　可惜的是，“玻璃门”看似透明却并不是那么容易就可进入。监管层依旧奉行的是慎之又慎的风格，此次温州也未找到突破口，外界普遍关注的民间资本投建银行，以及利率市场化等问题在本次温州公布的金改细则中被弱化。温州市金融办主任张震宇承认，目前建立民资银行的时机尚不成熟。

unfortunately,"The glass door"Looks transparent but is not so easy to enter into.Regulators are still pursuing the style of the transactions,The wenzhou also did not find the breach,The widespread concern of the folk capital TouJian bank,And interest rate liberalization in the wenzhou announced the change rules of gold weakened.Wenzhou financial director ZhangZhenYu admitted,At present set up what the opportunity is not mature of the bank.

　　各地金改也试图对民资进入金融领域有所突破，并一致将参股或参与发起设立小贷公司、股权基金、村镇银行作为具体途径。不过，从现在来看，民资进入金融领域的突破并未取得实质性进展。继温州小贷公司、民企发起村镇银行受挫后，泉州发布的金改方案对此也没有突破。

All gold had tried to enter the financial sector in what was a breakthrough,And agree to share or participate in establishing small loan company/Equity funds/Village and town bank as a specific way.but,From now to see,What to enter the realm of financial breakthrough is not substantial progress.The wenzhou small loan company/Corporation launched village and town bank after the setback,Issued by the quanzhou gold change scheme are no breakthrough.

　　而这似乎也非一朝一夕、一家两家试验区就能突破的瓶颈。张震宇认为，现在温州缺的不是一家银行或是民资银行，缺的是体系上的完善，银行体系和非银行体系在发展过程当中不协调。

And this seems to have not happen overnight/A two experimental zone can break through the bottleneck.ZhangZhenYu think,Now wenzhou not lack of a bank or what bank,Is the perfection of the system,Banking and non-banking system in the development process.

　　而要理顺这种不协调，显然非一日之功。泉州、温州这种区域性改革，与传统意义自上而下的金融改革并不相同。

To straighten out the not harmonious,Obviously a day.quanzhou/Wenzhou this regional reform,With the traditional top-down financial reform is not the same.

　　周小川认为，新一届政府会重视改革的总体设计，继续推进自上而下的改革。同时，由于中国区域广大、情况复杂，也会继续鼓励创新、鼓励地方发挥改革积极性，允许试点，积累经验，并将好的经验逐渐推广。

Zhou xiaochuan think,The new government will pay more attention to the reform of the overall design,Continue to promote the reform of top-down.At the same time,Because of China's regional/complex,Will also continue to encourage innovation/Encourage local play to the initiative of the reform,Allow the pilot,Accumulate experience,And will be good experience gradually.

　　与泉州、温州和丽水金改方案相比，珠三角金改的内容更具“国家级”层面，涉及金融综合经营、人民币资本项目可兑换、区域金融市场建设等国家金融改革重点领域和关键环节；从广度上看，在金融市场、金融组织、金融产品等方面皆有创新空间，涉及国际金融、科技金融、产业金融、农村金融和民生金融；从纵向来看，上到金融管理体制、下到本地金融企业改革，对全金融生态链条都有影响；从横向上来看，本次金改同时覆盖了间接融资和直接融资两类金融体系。因此珠三角金改对全国金融改革和开放发展更具深远意义。

And quanzhou/Wenzhou and lishui gold compared change plan,The content of the pearl river delta gold to more"national"level,Finance comprehensive management/The yuan convertible under capital account/Regional financial market construction, and other countries financial reform in key areas and crucial links;Look from the breadth,In the financial markets/Financial institutions/Financial products there is innovation in such aspects as space,Involved in the international financial/Science and technology financial/Industry financial/Rural financial and people's livelihood;Judging from the longitudinal,On to the financial management system/Down to the reform of local financial enterprises,To the financial ecological chain have influence;From the horizontal,The gold to cover the direct financing and indirect financing at the same time two kinds of financial system.So gold to pearl river delta to the national financial reform and opening up development more profound significance.

　　

人民币国际化大事记 RMB internationalization of memorabilia from collectors around the world

　　2005年7月21日

On July 21, 2005

　　中国人民银行正式宣布开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。

The people's bank of China formally announced the launch of a based on market supply and demand/Reference to a basket of currencies/A managed floating exchange rate system.

　　2007年5月18日

On May 18, 2007

　　中国人民银行宣布，银行间即期外汇市场人民币对美元交易价浮动幅度由±0.3%扩大到±0.5%。

The people's bank of China announced,The inter-bank spot foreign exchange market the yuan against the us dollar trade price fluctuation range from + 0.3% to + 0.5%.

　　2007年6月27日

On June 27, 2007

　　首批人民币债券在香港发售。

The first sale of RMB bonds in Hong Kong.

　　2008年7月10日

On July 10, 2008

　　中国人民银行新设立汇率司，其职能包括“根据人民币国际化的进程发展人民币离岸市场”。

The people's bank of China a new exchange rate,Its functions include"According to the process of RMB internationalization development of offshore RMB market".

　　2009年7月

In July 2009

　　中国在指定城市开展允许公司以人民币结算进出口贸易的试点项目。

China in designated cities allows companies to import and export trade in RMB settlement of the pilot project.

　　2010年6月19日

On June 19, 2010

　　中国人民银行宣布，进一步推进人民币汇率形成机制改革，增强人民币汇率弹性。

The people's bank of China announced,To further promote the reform of RMB exchange rate formation mechanism,Enhance the RMB exchange rate flexibility.

　　2010年7月19日

On July 19, 2010

　　中国人民银行与香港金融管理局同意扩大人民币在香港的结算范围，离岸人民币交易开始启动。

The people's bank of China and Hong Kong monetary authority agreed to expand the range of settlement in Hong Kong,Offshore RMB to begin trading.

　　2010年10月1日

On October 1, 2010

　　中国开始试点项目，允许指定出口商将部分外币收入留在境外。

China began to pilot project,Allows exporters will be part of the foreign currency income specified in overseas.

　　2011年1月13日

On January 13, 2011

　　中国开始试点项目，允许境内公司使用人民币在境外投资。

China began to pilot project,To allow domestic companies to use the yuan in overseas investment.

　　2011年6月21日

On June 21, 2011

　　中国人民银行正式明确了外商直接投资人民币结算业务的试点办法。

The people's bank of China formally established foreign direct investment of RMB business pilot.

　　2011年8月23日

On August 23, 2011

　　将跨境贸易人民币结算地区从20个省市扩大至全国，从毗邻国家扩展到境外所有国家和地区。

The cross-border trade in RMB from 20 provinces and cities expand to the whole country,From adjacent countries spread to all overseas countries and regions.

　　利率市场化改革：惊险一跃

Interest rate marketization reform:Breathtaking leap

　　与综合试验区的小心翼翼不同，改革步伐更快的是利率和汇率改革。

Be careful and comprehensive experimental zone of the different,Reform pace faster is the interest rate and exchange rate reform.

　　2012年6月7日，央行罕见地扩大了存贷款利率的浮动区间，上限为基准利率的1.1倍，下限为0.8倍，这也被认为是利率市场化的突破。

On June 7, 2012,The central bank rare to expand the range of the interest rate,Upper limit of 1.1 times the benchmark interest rate,Lower limit of 0.8 times,It is also believed to be the breakthrough of interest rate marketization.

　　而利率市场化改革的稳步推进，也正是习惯于备受保护的银行的让利过程。

The interest rate marketization reform steadily,It is also used to have the protection of the bank's profit.

　　央行行长周小川曾详细分析了银行对利率市场化并不积极的原因。他表示，并不是只要放开利率管制，就可以解决一切问题。商业银行在利率市场化之后就必须做到自主定价，这不仅包括贷款的自主定价，还包括负债方业务（如吸收存款）的自主定价。对此，银行并不一定欢迎，这一方面是因为过去长期的利率管制使商业银行形成了较强的依赖性，客户提出疑问也可以将责任推卸给中央银行，说价格不是它自己决定的；另一方面则是因为一旦利率管制全部放开，将对商业银行形成较大的市场压力。

The central bank governor zhou xiaochuan was analyzed in detail the cause of the interest rate liberalization is not positive.He said,Is not as long as let go of the interest rate control,Can solve all problems.Commercial Banks after the market-oriented interest rate pricing you need to be independent,This not only includes the independent pricing of the loan,Also includes liability business(Such as absorb deposits)The independent pricing.this,The bank is not always welcome,On the one hand, because in the past for a long time to control the interest rate for the commercial bank has formed a strong dependence,Customer question can also responsibility to the central bank,Said the price is not up to it;On the other hand, because once the interest rate control all let go,To commercial Banks to form larger market pressure.

　　无论银行愿意与否，对中国而言，利率市场化进程指向一个更为严谨的货币条件，因为它意味着逐步减少对于利率的人为压制，特别是利率市场化将带来金融抑制的改善，对于储户利率的实质性改善，当然同时也意味着中央银行对于自身独立性的改善。

Whatever the bank like it or not,For China,Interest rate marketization pointing in the direction of a more rigorous monetary conditions,Because it means gradually reduce the rate of repression,In particular interest rate liberalization will lead to the improvement of financial repression,For customer interest rates of substantial improvement,Of course also mean that the central bank for the improvement of independence.

　　对于未来改革，央行意欲提高上海银行间同业拆放利率(Shibor)作为市场利率的基准性。引导金融机构完善利率定价机制，增强风险定价能力。

For the future reform,The central bank to increase trade between bank of Shanghai and interest rates(Shibor)As market interest rates of the benchmark.Guide financial institutions to perfect interest rate pricing mechanism,Strengthen risk pricing power.

　　这意味着，放开存贷款利率后，其他一系列上、下游金融产品和替代产品的价格将逐步放开，产品定价权交由市场决定，Shibor则作为金融市场各种产品的定价基准，扩大在市场化产品中的应用。

This means that,Let go after the interest rate,On the other a series of/Downstream of the financial products and replace the prices of our products will go step by step,Product pricing by market decision,Shibor, as a financial market pricing benchmark of various kinds of products,Expand the application in market products.

　　当然这个过程无法一蹴而就，中国央行也再三强调利率市场化没有时间表，中国央行要根据改善金融机构的利率定价能力，来加快利率市场化的步伐。

Of course this process cannot be accomplished,China's central bank has repeatedly stressed the interest rate marketization no timetable,According to China's central bank interest rate pricing power to improve financial institutions,To speed up the pace of market-oriented interest rate.

　　而中国央行的调控方式将随着这个过程愈发成熟，德意志银行大中华区高级策略师刘立男认为，未来利率市场化改革就将重塑央行的货币政策架构。除此之外，未来几年还将改善货币传导机制和资本资源配置，将在国内的诸多市场，货币市场、债券市场、衍生品市场释放出巨大的发展潜力。

But the regulation will be along with the process of China's central bank is increasingly mature,Deutsche bank senior strategist LiuLiNan in the greater China region,Future interest rate marketization reform will reshape the central bank's monetary policy framework.In addition to,The next few years will also improve the monetary transmission mechanism and capital allocation of resources,Will be in China a lot of market,The money market/The bond market/Derivatives market release huge development potential.

　　

人民币国际化：小步快走 RMB internationalization:Small step for man, go

　　2012年金融改革的另一重点即是汇率改革和人民币国际化。以美元为主的结算货币波动太大，且增加国家外汇储备风险，人民币的国际化迫在眉睫。

Another key financial reform is 2012 RMB exchange rate reform and internationalization.In dollars of currency fluctuation is too large,And increase the risk of foreign exchange reserves,The internationalization of RMB is imminent.

　　人民币国际化步伐不断加快。财政部2012年6月28日在香港发行首批230亿元交易型人民币国债。值得注意的是，本次人民币国债发行实施了两项新探索，一是首次面向国外中央银行发行；二是首次在香港交易所挂牌上市交易。这是人民币国际化的又一个里程碑。

RMB internationalization acceleration.The ministry of finance on June 28, 2012, issued the first batch of 23 billion yuan transactional RMB bonds in Hong Kong.It is important to note that,The issuance of RMB bonds carried out two new exploration,A is the first time for foreign central Banks;2 it is the first time in Hong Kong stock exchange listed transactions.This is another of these anniversary landmarks today RMB internationalization.

　　在《珠三角金融改革创新综合试验区总体方案》中，涉及了多个创新平台，深圳前海将着力探索创新与香港金融服务业合作的新模式，探索资本项目对外开放和人民币国际化的新路径，构建跨境人民币业务创新试验区和高水平的保险创新试验区。

In the[Comprehensive financial reform and innovation in the pearl river delta area overall scheme]In the,Involves multiple innovation platform,Shenzhen will strive to explore the sea before a new model of innovation cooperation with Hong Kong's financial services industry,Explore capital account opening to the outside world and the new path of RMB internationalization,Constructing the cross-border RMB business innovation experimental zone and a high level of insurance.

　　2012年5月，中国汇率改革再推新政。5月29日，央行宣布，经央行授权，中国外汇交易中心将完善银行间外汇市场人民币对日元交易方式，发展人民币对日元直接交易。人民币国际化又迈出新的步伐。

In May 2012,China's exchange rate reform pushed new again.On May 29,,The central bank announced,Authorized by the central bank,The China foreign exchange trade center will perfect the inter-bank foreign exchange market the yuan against the yen way to trade,The development of the yuan against the yen trading directly.RMB internationalization and new steps.

　　“在推动人民币国际化的过程中，并没有人预想要倒逼汇率改革，这种设计也不太现实。”周小川坦言，但也不排除“倒逼”，就像“撞击—反射”理论一样，假如某些方面想改革，但是改不动，于是先改革其他方面，对慢的方面就会产生压力，进而推动那个改不动的环节。这种可能性比较戏剧化、故事化，常规设计的时候不会这么做。

"In the process of RMB internationalization,No one expected to DaoBi exchange rate reform,This design not too realistic."Zhou xiaochuan said,But don't rule out"DaoBi",Just like"Impact - reflection"The theory of the same,If some ways to reform,But it did not move,And other aspects to reform,Aspects of slow can produce pressure,And promote the change fixed link.This possibility is more dramatic/The story of,The conventional design of the time didn't do this.

　　但争议还是扑面而来，周小川解释，“人民币能否国际化最终还是靠市场的选择，应该说，我们并没有刻意为之，央行也不愿意给外面一个印象，好像我们有一个专门的谋划、策略来推动本币国际化。我们可以说的是，人民币有这个潜力，将来可能成为国际上比较被接受的货币之一。”

But the dispute is still on,Zhou xiaochuan interpretation,"RMB internationalization can ultimately depend on the choice of the market,It should be said that,We are not deliberately,The central bank is not willing to give out a impression,It seems we have a special design/Strategies to promote the internationalization of the currency.We can say is,The renminbi has the potential,In the future may become more accepted in the world of one of the currency."

　　“当前，我们要做好两方面的事：一是清理管制，比如有的法规规定某种交易只能用"硬通货"而不准用人民币，但用什么货币来交易、结算可以由市场参与者自己选择；二是进一步发展金融市场，而且是向国际开放的金融市场，进一步增加金融领域人民币的可用性有更大的提高。”他介绍说。

"The current,We want to do both:It is clear,Such as some can only use some regulations"Hard currency"And are not allowed to use RMB,But what kind of currency to trade/Settlement by market participants choose;The second is the further development of financial markets,And it is open to the international financial markets,To further increase the availability of financial sector RMB more improved."He said.

　　央行正是如此操作的。稍早前的2012年4月16日央行放宽美元兑人民币的波动幅度，由0.5%扩大至1%，随后终结了长期施行的强制结售汇制度，一套组合拳应运而生。

The central bank is such operation.Earlier before April 16, 2012, the central bank relaxed the fluctuation amplitude of the us dollar against renminbi,To expand by 0.5% to 1%,Then put an end to the long term written guarantee carry out assembles a system of enforcement,A set of punching arises at the historic moment.

　　这是继2005年、2007年后的第三次汇率重要改革。2005年7月21日19时，央行宣布废除原先盯住单一美元的货币政策，开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。2007年5月21日，央行决定银行间即期外汇市场人民币兑美元交易价浮动幅度由0.3%扩大到0.5%。

This is the 2005/2007 years later the third important reform of exchange rate.On July 21, 2005, 19,The central bank announced the abolition of the original pegged to the dollar's monetary policy,Implemented based on market supply and demand/Reference to a basket of currencies/A managed floating exchange rate system.On May 21, 2007,Central bank decided to the inter-bank spot foreign exchange market trading price against the us currency fluctuation range from 0.3% to 0.5%.

　　当前人民币国际化的试点主要是以结算功能的开放为主，如结算区域的扩大。光大证券(601788,股吧)分析师薛俊认为，随着人民币使用范围的扩大，国外对人民币需求将会进一步提高，从供需角度来看，人民币对美元汇率将会有较大的提升空间；同时，对人民币需求的增加不仅仅停留在结算功能，也会考虑到持有人民币的风险和收益，这必将进一步推动国内资本市场的开放和利率市场化。

The current pilot of internationalization of RMB mainly settlement function of the opening,Such as the expansion of the settlement area.Everbright securities(601788,Shares!)Analysts think XueJun,With the use of the yuan,Foreign demand for RMB will further improve,From the perspective of supply and demand,The ascension of the RMB exchange rate against the dollar will have larger space;At the same time,The increase in the demand for RMB not only stay in the settlement function,Also considering the risks and benefits with renminbi,This will further promote the opening of the domestic capital market and interest rate liberalization.

　　而下一步的改革，是逐步贯彻落实十八大文件中提到的“逐步实现人民币资本项目可兑换”。其中一个重要内容是开展积极的跨境人民币交易，包括在资本项下的人民币跨境交易。从近期的一系列措施中已经看出端倪。一些资本项下可兑换的突破，都是用人民币来做交易的媒介。

And the next step of reform,Is gradually carry out 18 large files mentioned in"Gradually realize the renminbi convertible under capital account".Is one of the important content in the active cross-border RMB trading,Included in the cross-border RMB under capital transactions.From the recent in a series of measures have been see clue.Some of the convertible under capital breakthrough,Is all to do with the RMB trading.

　　如人民币的QFII额度从过去的700亿增加到2000亿，就是允许外部的投资者来到中国的资本市场进行投资。

Such as the amount of QFII from 70 billion to 200 billion in the past,Is to allow the external investors came to China's capital markets for investment.

　　而深圳的前海实行新的改革开放的尝试，这里面一个重要的内容就是可以用人民币从境外向境内放款。

And shenzhen sea before a new reform and opening to the outside world,This is an important content in can use RMB from abroad to domestic lenders.

　　央行副行长胡晓炼强调说，下一步的改革，在未来人民币的跨境交易方面，仍然要继续坚持立足实体经济，服务实体经济这样一个基本的方针，立足于促进贸易投资的便利化，在此基础上要进一步拓宽人民币跨境流动的渠道，实现人民币在跨境和境外市场的良性循环，同时在加快发展多层次的资本市场的过程中还要进一步扩大市场的开放。在基础设施方面我们要进一步完善人民币跨境清算体系，同时还要进一步继续拓宽双边的货币合作的领域和范围，继续支持香港人民币离岸市场的发展。

Central bank deputy governor xiaolian stressed,The next step of reform,RMB in cross-border trade in the future,Still want to continue to adhere to based on the real economy,Service economy such a basic policy,Based on the promotion of trade and investment facilitation,On this basis to further broaden the channels of the cross-border flow of the yuan,To realize the benign circulation of RMB in cross-border and overseas markets,At the same time in the process of speeding up the development of multi-level capital market will further expand the opening of the market.In infrastructure we should further perfect the system of cross-border RMB settlement,Even at the same time to further widen the field and scope of bilateral currency cooperation,Continue to support the development of the offshore RMB market in Hong Kong.