截至目前，我国已经与20多个经济体达成货币互换协议，这些经济体对华双边贸易额约占中国外贸总额的30%，达成的本币互换额度为1.5万亿元人民币——

So far,Our country has more than twenty economies and a currency swap agreement,These economies bilateral trade volume in China accounts for about 30% of the total amount of China's foreign trade,A local currency swap line for 1.5 trillion yuan --

　　近日，中国人民银行与乌克兰国家银行在北京签署中乌双边本币互换协议，互换规模为150亿元人民币/190亿格里夫纳，有效期3年，经双方同意可以展期。除乌克兰央行外，今年以来，我国央行已陆续与阿联酋中央银行、澳大利亚储备银行等5国央行签署了货币互换协议。

recently,The people's bank of China and the national bank signed in Beijing uzziah in bilateral local currency swap agreement,Swap scale for 15 billion yuan / 19 billion Gerry's husband,Valid for 3 years,By mutual consent can be extended.In addition to Ukraine outside the bank,Since this year,The central bank's has been the central bank and the united Arab emirates/The reserve bank of Australia, and five countries signed a currency swap agreement central bank.

　　中国人民银行相关负责人曾表示，货币互换协议的签署，旨在加强双边金融合作，促进两国贸易和投资，共同维护地区金融稳定。分析人士则将货币互换通俗地称作人民币“出海”，认为货币互换有助于外贸型企业规避汇率波动风险，降低融资成本和出口成本，并成为人民币区域化进而国际化的关键一步。

The people's bank of China the relevant person in charge said,Currency swap the signing of the agreement,Aims to strengthen bilateral financial cooperation,Of the two countries promote trade and investment,Work together to maintain regional financial stability.Analysts will currency swap popularly known as the yuan"sea",Think currency swap help foreign trade enterprises to avoid the risk of exchange rate fluctuations,Reduce the financing cost and export cost,And become the regional and international key step.

　　从“路线”看意图

from"route"See intention

　　2008年国际金融危机爆发以后，我国加快了与周边国家签署货币互换协议的步伐

2008 years after the outbreak of international financial crisis,Our country and to accelerate the neighboring countries currency swap agreement signed the pace

　　2008年国际金融危机爆发以后，流动性短缺成为多国面临的难题，尤其是以外向型经济为主导的亚洲国家。为了缓解对美元的依赖，不少国家开始减持美元，转而使用其他货币进行国际支付。2008年底至2009年3月，我国频繁和周边国家签署货币互换协议，总额接近6500亿元人民币，约为我国外汇储备总额的5%。

2008 years after the outbreak of international financial crisis,Liquidity shortage become multinational challenges,Especially in export-oriented economy as the leading Asian countries.In order to alleviate the dependence of the dollar,Many countries began to reduce their holdings of dollar,To use other currency of international payments.By the end of 2008 to March 2009,Frequent and neighboring countries signed currency swap agreement,Close to the total amount is 650 billion yuan RMB,About 5% of the total amount of foreign currency reserves in our country.

　　从“路线”来看，协议签署的顺序可以大致归纳为“先周边、后拉美”。对外经贸大学金融学院院长丁志杰对此表示，我国央行最早和韩国及马来西亚央行签署协议，因为他们是中国在亚洲的主要贸易伙伴，在国际金融危机中受到较严重冲击，国际支付能力下降较快。

from"route"To see,The order of the agreement can be broadly grouped into"Surrounding the first/Latin America after".Foreign economic and trade university financial, dean of the college of DingZhiJie expressed,The central bank in China and South Korea and Malaysia central bank signed agreement,Because they are China's main trading partners in Asia,In the international financial crisis is more serious impact,The ability to pay down faster.

　　今年以来，与我国签署货币互换协议的国家则“距离更远、经济体发达程度更高”。中国人民大学经济学院副院长刘元春说，当前货币互换协议的签署更多出于双边考虑。贸易增长比较快的新兴经济体、和我国贸易关系比较密切的国家，肯定要首先考虑，这对推进人民币区域化进而实现国际化有很大作用。

Since this year,With China's currency swap agreement signed by the country"Distance farther/The developed economies in a greater degree".Chinese people's university school of economics, vice President of the LiuYuanChun said,The currency swap the signing of the agreement of bilateral consider more.Trade growth is faster emerging economies/And China's trade relationship is close state,Must be the first to consider,To promote the internationalization of RMB regionalization and achieve a great role.

　　正如刘元春所言，当前欧洲债务危机持续蔓延，外需萎缩对我国出口型企业造成很大影响。央行与一些贸易往来紧密的国家签署货币互换协议，可以让这些国家用人民币购买中国产品，削减美元汇率波动的风险，进而刺激区域内双边贸易的复苏。以今年3月22日中国与澳大利亚签署的货币互换协议为例，中国是澳大利亚最大的大宗商品进口国，去年从澳大利亚进口的总额达到825亿美元。在中澳贸易中，更多使用人民币结算，有助于推动大宗商品人民币计价，中长期看则能推动人民币作为第三方使用的空间。

As LiuYuanChun said,The current debt crisis continues to spread across Europe,To our country now atrophy export-oriented enterprises make a big impact.The central bank and some trade close countries signed currency swap agreement,Can make these countries to buy Chinese products with the RMB,Cut the risk of dollar exchange rate fluctuations,And then stimulate the bilateral trade in the region's recovery.On March 22, China and Australia signed currency swap agreement as an example,China is Australia's biggest commodity importers,Imported from Australia last year totaled $82.5 billion.In the sino-australian trade,Use more of the RMB,Help push commodity RMB,Look at the medium and long term can promote the yuan as a third party to use space.

　　从区域化到国际化

From regional to international

　　签署货币互换协议还可以提高人民币在一些国家的接受程度，从而加速人民币区域化的进程

Signed currency swap agreement can also improve the level of acceptance in some countries,So as to accelerate the process of regionalization

　　有观点认为，我国频繁与一些国家签署货币互换协议，表明中国的贸易伙伴认可了人民币的地位和稳定性，接受人民币作为结算甚至储备货币，从而为人民币区域化带来机遇。究其原因，首先依赖于我国较好的经济实力作基础，其次是在应对国际金融危机的冲击中，人民币汇率未出现大幅波动，其区域影响力相应增强。

With a view,Frequent with some countries signing up to currency swap agreement,Show that China's trade partners recognized the value of the yuan on status and stability,Accept renminbi as the settlement and reserve currency,Thus for RMB regionalization bring opportunities.Investigate its reason,First of all depends on our country better economic strength as the foundation,The second is to deal with the international financial crisis on the impact of,Does not appear the RMB exchange rate fluctuations,Its regional influence the corresponding enhancement.

　　不过，国际金融问题专家赵庆明同时认为，当前部分国家对人民币接受程度仍然较低，使用人民币结算不够便利，人民币贸易结算系统还不够健全。一些与我国贸易往来比较密切的地区由于金融服务落后，还缺乏统一的人民币市场汇率基础，加之我国汇率避险机制不够健全，海外企业获取和持有人民币的积极性不高。

but,International financial problems at the same time that ZhaoQingMing experts,The part of the country to accept RMB level is still low,Use RMB settlement is not convenient,The yuan trade settlement system is still not perfect.Some trade in our country is close area due to the financial services lag behind,Also the lack of unified RMB market rate basis,And China's exchange rate hedge mechanism is not perfect,Overseas enterprises acquire and hold the enthusiasm is not high.

　　除了化解区域化中面临的难题外，还应当看到，人民币要想实现在国际贸易中的普遍使用，远非朝夕之功。“从跨境贸易结算来说，政策上没什么障碍，更多障碍存在于技术层面和收费等环节。”赵庆明认为，这些技术层面还包括建设一个多元化交易的人民币现货市场、实现资本账户完全自由可兑换、建设境外人民币外汇衍生品交易市场等。

In addition to solve the problem of regional faced in the outside,Also should see,RMB to realize the commonly used in international trade,This is far from the work."Cross-border trade settlement from it,Policy no obstacles,More obstacles in the technical level and charges of link."ZhaoQingMing think,These technical level include building a diversified trading yuan spot market/Realize completely free capital account convertibility/The construction of overseas foreign exchange derivatives market, etc.

　　从用途看“瓶颈”

See from the use"bottleneck"

　　签署货币互换协议，最大的受益方是面临困境的国内出口企业

Currency swap agreement signed,The biggest benefited party is faced with a difficult situation of the domestic export enterprises

　　“对外贸型企业而言，在已经实施货币互换的国家做生意，可以直接用人民币进行交易，降低货币兑换的成本。同时，还能有效规避汇率波动较大的风险。”中国建设银行北京市分行金融市场部分析师宋立阳称。

"On foreign trade type enterprise is concerned,Has been carried out in the currency swap country business,Can directly use RMB transactions,To reduce the cost of money.At the same time,Also can effectively avoid the risk of large exchange rate fluctuations."China construction bank Beijing branch financial marketing analyst SongLiYang says.

　　“有效期3年，经双方同意可以展期”的规定出现在多项货币互换协议中，而2009年初我国和马来西亚、韩国签署的互换协议相继到期后，都进行了重签并且扩大了规模。这不仅意味着人民币近年来“出海”过程顺利，也表明多国对人民币作为贸易结算货币的需求和对人民币本身的信心。

"Valid for 3 years,By mutual consent can be extended"Regulations appeared in a number of currency swap agreement,And at the beginning of 2009 China and Malaysia/South Korea swap agreement signed after the end of one after another,The heavy sign and expand the scale.This not only means that the yuan in recent years"sea"Process smoothly,Also suggests that multinational to renminbi as the trade settlement currency demand and the confidence to itself.

　　中国人民银行行长助理李东荣在今年1月曾介绍说，2011年，人民银行与韩国、马来西亚、白俄罗斯、阿根廷等14个国家和地区的中央银行和货币当局签署了总额为1.3万亿元人民币的双边本币互换协议。“部分协议进入实质动用阶段，促进了我国与这些经济体的双边贸易和投资发展”。

The people's bank of China, an assistant governor of the LiDongRong in January had said,In 2011,,The people's bank and South Korea/Malaysia/belarus/Argentina, 14 countries and regions of the central bank and monetary authorities signed RMB 1.3 trillion bilateral local currency swap agreement."Part of the agreement enters the essence and the use of stage,Promote the our country and the economy development of bilateral trade and investment".

　　德意志银行大中华区首席经济学家马骏指出，签署互换协议并不意味着这些协议必定会被启动。目前，海外企业对人民币的需求还存在一些瓶颈，最主要的就是我国资本项目管制。很多跨国公司不太愿意接受人民币的原因是其投资渠道有限，离岸市场规模不大，在岸市场则处于基本封闭状态。

The greater China region deutsche bank chief economist pointed out a fair,Swap agreement signed does not mean that the agreement will be start.At present,The overseas enterprise to the needs of the RMB there are some bottleneck,The main is our country capital project control.Many multinational companies reluctant to accept RMB reason is the limited investment channels,Offshore market scale is not big,The market is in basic closed state.

　　多位专家同时表示，货币互换是人民币在我国采取更大胆步骤开放资本账户之前的重要举措，人民币国际化还有一个过程。

Many experts also said,Currency exchange is RMB in China take more bold steps before opening the capital account of the important measures,RMB internationalization and a process.

　　货币互换协议

Currency swap agreement

　　货币互换协议，指的是互换双方签署协议，以本国货币为抵押换取等额对方货币，以便必要时向本国金融机构提供短期流动性支持。通过货币互换，将得到的对方货币注入本国金融体系，方便企业借到对方货币，用于进口与偿债支付。双方的结算到一定时期，累计到一定额度时，由两国央行之间进行汇总清算。

Currency swap agreement,Refers to the swap agreement signed by both parties,In local currency for mortgage equal each other for money,So that when necessary domestic financial institutions to provide short-term liquidity support.Through the currency swap,Will get the money into the domestic financial system,Convenient enterprise borrow money to each other,Used to import and debt payment.Both sides of the settlement to a certain period,Accumulated to a certain limit when,The two countries between the central bank to collect the liquidation.