Renminbi Bonds Market System Research

With the rapid development in our economy, the internationalization of the RMBhas caused great concern in the domestic policy-making and theoretical circles athome and abroad. Although the People’s Bank even doesn’t use the internalization ofthe RMB on its website, but only the expression of the cautious words "RMB in theuse of outside China", but a series of actions shows the fact that the PBC has beenpromoting the internationalization of the RMB. For example,the PBC promotes thedevelopment of Hong Kong’s renminbi bond market vigorously, popularizes the RMBcross-border trade settlement to the country, set up Monetary Policy Department II totake new responsibilities include "developing Offshore RMB Market according to theprocess of RMB internationalization", and released the notice "on the definitioncross-border RMB business related issues".In the domestic and foreign research, from the aspects of the laws of economicdevelopment, China’s economic and political foundation, the scholars have got theconclusion that RMB internationalization is born in the Chinese economicdevelopment and opening-up,and is an economic objective laws that the RMBgradually plays the roles of money in the international economic transactions.Scholars pointed out that Chinese government should seize the opportunity topromote the internationalization of RMB actively after analyzing the pros and cons ofRMB internationalization.It is on the basis of the internationalization of RMBirreversible economic development law that the author thinks that we must focus onhow to promote the RMB internationalization, and how to grasp the local linkage ofthe relationship among the local currency international and domestic capital marketopening-up,economic restructuring and reform of the financial system in the processof promotion after solving the necessity of the RMB internationalization and thefeasibility of implementation of the internationalization of the RMB at the presentstage. For ensuring RMB internationalization’s better servicing China’s sustainableeconomic development, which requires that we focus on the construction of RMB securities market on the background of RMB internationalization.China’s sustainable economic development requires economic transformationfrom the extensive development to the intensive development change,which needs thecurrent economic structure adjustment and industrial upgrading urgently.Concerningon this important financial resources of the renminbi bond market, its significance isto change the enterprises’ capital raising with indirect financing model based on bankcredit and to develop the financial services matching with the economic structureadjustment and the upgrading of the industrial structure.In order to adhere to the financial services the real economy and ensure theindependent route of RMB internationalization.Considering the real problems ofexcessive control,lag means of supervision and weak competitiveness of financialinstitutions in China’s financial markets; taking into account the high liquidity,low-risk of the bond market and bond yield curve can provides based pricingreference for financial commodities.The author focuses on construction of therenminbi bond market including the onshore and offshore bond market. The authoranalyzes the RMB bonds market’s present situation, existing problem and therelationship with the transformation of the economic entity, discuss the RMB bondsmarket’s strong welfare spillover effects on the entire economic system.The authorhopes that this paper can promote the study of the RMB securities market and therecommendations can promote positive interaction between the bond marketdevelopment and RMB internationalization,service the goals of opening financialmarket and economy sustainable development.