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There are a few key steps to ensure Yuan's path to global currency is efficient and possible.
Tags:china currency,china economy,china yaun,currency for trade,reuters,reuters news,yuan global currency
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(SOUNDBITE) (ENGLISH) REUTERS REPORTER, TARA JOSEPH, SAYING: "Mark, thanks very much for being with me. Now you've been working on a big report, the Road Map to the Internationalization of the yuan. Can you walk me through the key steps that really need to happen? We all know it's coming, but what needs to be done?" (SOUNDBITE) (ENGLISH) CEO ASIFMA, MARK AUSTEN SAYING: "I think the key steps are - there's about five, really. We still need to grow the deposit base of renminbi outside of China. Trade paid for in renminbi needs to continue to develop. I mean, over the last two or three years there's been an explosion of trade in renminbi and companies are getting more willing to take renminbi as the currency for trade with China, but that needs to continue to grow to make the currency held more outside of China. "The other thing is investment products. So once you have this money outside of China, we've had the Dim Sum bond market here develop, but that needs to continue to develop around the world. It's still very small relative to the onshore market, and certainly tiny compared to the U.S. dollar market. So products like ETFs etc. need to continue to grow. "The fourth thing is the central bank's bilateral swaps agreements. There's been about 24 signed, China needs to continue to sign them with more central banks. As well as increase the size of the ones that they already have because the central banks operate as a backstop for liquidity in currencies including the renminbi outside. And the final thing, I think, is that it really needs to become a reserve currency. When you get all those four things that I've mentioned before, the opportunity for central banks and others to really hold that currency, the renminbi, outside of China will increase substantially and that will ultimately lead it to being a reserve currency like the dollar, like the euro, like the yen." (SOUNDBITE) (ENGLISH) REUTERS REPORTER, TARA JOSEPH, SAYING: "Well at least we're under ten in terms of the big steps that needs to be taken. But that's a pretty sizeable list, which of those five do you see flashing captions like 'this is going to be difficult and it's not going so smoothly.'" (SOUNDBITE) (ENGLISH) CEO ASIFMA, MARK AUSTEN SAYING: "Well I think it is all going fairly smoothly when you consider the mammoth size of the task of what they are trying to do and you consider where they've come from, even in three or four years. But I think the difficult one is around investment, both onshore and offshore. You have to create a lot of different products and a lot of investment opportunities for individuals. And you need to get those flows going back and forth. It can't just be separate flows offshore and separate flows onshore. So the increase use of quotas around QFII's and RQFII's etc. that people have talked about is really really important. "The use of things such as the through train that connect between Shanghai, Shenzhen and Hong Kong will really help facilitate those kind of things. We're expecting something around mutual recognition probably this year between Hong Kong and China where funds will be mutually recognized between the two countries that again will get those flows going. But that is really the big challenge, is developing that robust capital market both onshore in China and offshore." (SOUNDBITE) (ENGLISH) REUTERS REPORTER, TARA JOSEPH, SAYING: "Do you think there's anything out there that can mess it up. Or is it just happening so put together as a package now that really it's inevitable." (SOUNDBITE) (ENGLISH) CEO ASIFMA, MARK AUSTEN SAYING: "Well we think it is inevitable, I think the real question is the speed and how quickly they move with the size of what they want to do. Right now they've taken a very steady and slow approach and that's certainly something that we recommend. And you've seen how they've built up the deposits outside of China, how they've slowly built the Dim Sum market etc. So that speed is the right way to go. And I think as long as growth is around seven, seven and a half percent in China they can continue to do that. If it starts dipping, then they're going to probably have to move faster. "And I think if they don't move faster because of vested interests, that's when I think things will get difficult. Ultimately they are going to have to do it because if you look at...they've been an investment-dominated economy but now for every three renminbi they put in they get one renminbi in growth. A few years ago that was one to one almost. So that investment-lead economy model is dead really so they need to move to something different." ENDS