bet365 bonus code louisiana internationalization injects new vitality into the global economy
December 02, 2022 08:00 Source: "Chinese Social Sciences Journal" Issue 2543, December 2, 2022 Author: Our reporter Zhao Qi

The report of the 20th National Congress of the Communist Party of China pointed out,“Promote the internationalization of bet365 bonus code louisiana in an orderly manner”。In recent years,With the continuous enhancement of China’s economic strength and the improvement of its level of opening up to the outside world,The development path of bet365 bonus code louisiana internationalization is becoming more and more stable。The "bet365 bonus code louisiana Internationalization Report (2021-2022)" released by the China Banking Association on October 27 shows,bet365 bonus code louisiana will become the second most commonly used currency in China’s cross-border receipts and payments in 2021、The eighth most commonly used currency in global foreign exchange transactions。Australia's "Sydney Morning Herald" also published an article saying that,bet365 bonus code louisiana internationalization is developing in a long-term and gradual manner,And focus development within the Asia-Pacific and developing economies。With the continuous advancement of the joint construction of the “Belt and Road”,bet365 bonus code louisiana will play a greater role in the international currency market。Revolving around the development process of bet365 bonus code louisiana internationalization、How bet365 bonus code louisiana can better promote regional economic development、How the bet365 bonus code louisiana can play a greater role in the international arena and other issues,Our reporter interviewed relevant scholars。
 bet365 bonus code louisiana becomes an international currency marketImportant participants

bet365 bonus code louisiana internationalization refers to the ability of bet365 bonus code louisiana to circulate overseas across national borders,Becoming an internationally recognized pricing method、The process of settlement and reserve currency。Eswar Prasad, senior fellow of global economics and development at the Brookings Institution in the United States, believes,China has become the world’s second largest economy,Is an important engine of world economic growth。But the status of the bet365 bonus code louisiana is not commensurate with its weight in the world economy,With the reform of China’s economic and financial system,bet365 bonus code louisiana will gradually become an important player in the international financial market。
Isabella Dobrescu, a professor at the Department of Economics, School of Business, University of New South Wales, Australia, told this reporter,around 2010,The Chinese government begins to promote the internationalization of the bet365 bonus code louisiana。Since then,bet365 bonus code louisiana has gradually become the fifth most important currency in the international payment system。2016,The International Monetary Fund includes the bet365 bonus code louisiana in the Special Drawing Rights currency basket,Make it an official international reserve currency。This is a milestone event,Not only represents the Chinese currency’s continuous approach to the center stage of the international financial market,It also represents China’s deeper integration into global financial governance reform。Later,The share of bet365 bonus code louisiana-denominated assets in global foreign exchange reserves has been stable at around 2%。Although capital outflows have brought depreciation pressure on the bet365 bonus code louisiana,However, the Chinese government continues to launch a series of bet365 bonus code louisiana internationalization policies,And China opens its stock and bond markets to foreign investors,Let the international market see the resilience and stability of the international development of the bet365 bonus code louisiana。The Chinese government has also been promoting the use of bet365 bonus code louisiana overseas,Approved 27 bet365 bonus code louisiana clearing banks covering 25 countries and regions。The bet365 bonus code louisiana-based cross-border payment system (CIPS) established by the Chinese government has covered more than 3,600 corporate banking institutions in 178 countries and regions,Facilitates the use of bet365 bonus code louisiana for commercial transactions between enterprises,Reduced the losses caused to enterprises by fluctuations in the exchange rate of the US dollar and the Euro。It can be said,With these measures,bet365 bonus code louisiana has been increasingly used in the valuation and settlement of cross-border trade and financial transactions,Has become the medium of international currency exchange。
Jeffrey Frankel, professor of economics at Harvard University’s Kennedy School of Government, also affirmed the achievements of the development of bet365 bonus code louisiana internationalization。He mentioned,In international trade,The use of bet365 bonus code louisiana has been growing steadily。The internationalization of the bet365 bonus code louisiana is not only reflected in the rapid development of the bet365 bonus code louisiana bond market in the Hong Kong SAR,Also reflected in the rapid growth of the bet365 bonus code louisiana deposit market。Many international trade transactions began to use bet365 bonus code louisiana as a pricing tool,Many central banks have begun to use bet365 bonus code louisiana as a reserve currency。
Experts such as Barry Eichengreen, professor of the Department of Economics and Political Science at the University of California, Berkeley, recently published an article "Unconventional Approaches to bet365 bonus code louisiana Reserve Status" on the official website of the European think tank Economic and Political Research Center。The article thinks,bet365 bonus code louisiana can play a more important role in the future currency market,This process involves trade invoicing and settlement、Central bank swap lines and offshore bet365 bonus code louisiana market, etc.。The ultimate goal of bet365 bonus code louisiana internationalization may not be to replace the US dollar,Dominating the global currency market,Instead, build a more multi-polar global financial market。
Some economists pointed out,If China’s capital account is not fully opened,The bet365 bonus code louisiana cannot develop into an international reserve currency。The assumption underlying this view is,If countries cannot easily buy and sell bet365 bonus code louisiana in the international market,There will be no reserve of bet365 bonus code louisiana。20th century,The rise of the US dollar and the pound as major international currencies is based on this model。But,Eichengreen and others believe,The bet365 bonus code louisiana’s internationalization path may unfold in an unusual way。Completely liberalize the capital account and open exchange,Could lead to imported crises and weaken control of the economy,So for the central bank,The best solution is to seek a balance between development and security。Therefore,Unrestricted access to China’s capital market is not a necessary condition for bet365 bonus code louisiana internationalization。Opposite,China can internationalize the bet365 bonus code louisiana by using it in foreign trade and payments。Eichengreen and others discovered through research,The development of bet365 bonus code louisiana as a reserve currency and the expansion of bet365 bonus code louisiana trade have become a reality。Future,Financing in import、Debt repayment、With the help of mechanisms such as currency swap lines and offshore markets,bet365 bonus code louisiana will play a greater role in the international financial market。
  Strongly safeguard the internationalization of the bet365 bonus code louisianaRegional economic security and stability

Promoting the internationalization of the bet365 bonus code louisiana in an orderly manner is an inevitable requirement for the orderly opening up of China’s economy,Also attracts foreign investment、Strong support to stimulate the vitality of global trade。As Asia Program of the Carnegie Endowment for International Peace、Written by Robert Greene, non-resident scholar in the Technology and International Affairs Program,As global turmoil intensifies、Rising geopolitical risks,The probability of systemic risks in the international monetary system is also increasing,Promoting the internationalization of the bet365 bonus code louisiana in an orderly manner is in line with international financial institutions、Demand for bet365 bonus code louisiana from individual and corporate investors,It is also conducive to supporting the development of China’s economy。
Over the past few years,Due to the spread of the new coronavirus pneumonia epidemic around the world,The international economy has been seriously affected,As inflation continues to rise,Some countries and institutions are concerned about economic globalization。current,Global economic development is at a critical moment,International investors’ attention once again turns to the international financial market,The strong growth of China’s economy has also injected new vitality into the reform of the international financial market。2013,China’s first free trade zone was built in Shanghai,Now expanded to 21。According to statistics from the People’s Bank of China,The total amount of cross-border bet365 bonus code louisiana receipts and payments nationwide in 2021 is 36.6 trillion yuan,An increase of nearly 30% compared with the previous year。The proportion of bet365 bonus code louisiana cross-border receipts and payments in the total domestic and foreign currency cross-border receipts and payments during the same period was 48.4%。From the perspective of the development of the bet365 bonus code louisiana bond market,The development of bet365 bonus code louisiana internationalization continues to deepen。As of the end of 2021,Overseas institutions and individuals hold domestic bonds 4.09 trillion yuan,Increase of 7553 throughout the year.7.6 billion yuan。
Dobrescu said,bet365 bonus code louisiana internationalization not only brings many dividends to the Chinese economy,It also injects new vitality into regional economic development。According to relevant research,ASEAN and countries along the “Belt and Road” have become key areas for the growth of bet365 bonus code louisiana settlement in cross-border trade。The Regional Comprehensive Economic Partnership (RCEP), which will take effect on January 1, 2022, as an Asian trade corridor,Can provide new impetus for the revaluation of bet365 bonus code louisiana。The effective implementation of RCEP,Promotes intra-regional free trade,90% of tariffs among RCEP member countries will be gradually eliminated in the next 10-15 years。Based on Asian Development Bank assessment,By 2030,RCEP could add 5 billion in annual revenue to the region。Strengthening economic cooperation among countries along the “Belt and Road”,Form a new pattern of regional deepening cooperation across the Eurasian continent,The key role of bet365 bonus code louisiana as an international currency in promoting currency circulation among countries along the Belt and Road is indispensable。Relevant theoretical research and empirical research results show that,Increase the proportion of bet365 bonus code louisiana used in the region,Can effectively prevent financial risks in the region、Reduce transaction costs,Improve the overall competitiveness and coordinated development level of the regional economy,Able to provide new risk management mechanisms for countries along the route,Building a financial safety anchor,Making significant contributions to maintaining regional economic and financial stability。
On how the bet365 bonus code louisiana can play a greater role in the international financial market,Dobrescu thinks,The digital currency/digital payment launched by the People’s Bank of China may become an important innovation in the cross-border payment system。In recent years,Rapid development of digital economy,It has become an important new form of economic development that keeps pace with the real economy。Digital currency based on technology has new characteristics。For example,Blockchain technology uses a distributed accounting system to mark global trade flows,Making cross-border trade value distribution more equitable。In addition,Cross-border settlement using digital currency as a medium can also shorten settlement time,Reduce liquidation costs,Improve cross-border settlement efficiency。Digital currency can also help strengthen the supervision of currency flows,Effectively curb the occurrence of criminal acts,Thus making it fairer for builds、The new more efficient global trade pattern plays a positive role in promoting。
In short,The bet365 bonus code louisiana will eventually become a widely used currency in the international trade and financial system。As Frankl said,As long as China continues to make progress in the financial sector and other market-oriented reforms,The bet365 bonus code louisiana may become a more important international reserve currency in the next 10 years。

Editor: Chang Chang
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