Bank of China, as the most internationalized state-owned bank in China, has been dedicated to providing customers with the best cross-border RMB products and services. It has been leading the cross-border RMB market, giving professional policy interpretation and technical support, and helping customers tap huge business opportunities in the internationalization of RMB. Following the release of the Bank of China Cross-border RMB Business White Paper (2013) in July 2013, the Bank officially launched the BOC Cross-border RMB Index (CRI) worldwide on 20th September, providing an authoritative measure to comprehensively reflect the degree of RMB activity in cross-border and overseas transactions.
The value of Index:
The CRI for the 2th quarter of 2013 is 186. The graph of the CRI is as follows:
Characteristics of the Index:
Unique perspective. The market generally creates indices from the perspective of currency functions, while CRI creates indices from the perspective of currency circulation process, so as to reveal the dynamic circulation and utilization of RMB from a different perspective.
Well-knit framework. The index is composed of three well-knit parts including cross-border outflow, overseas circulation and cross-border inflow of RMB, which are all reflected by the flow indicators so that the index framework is logically consistent.
Full coverage. The index with wide coverage, covers all items under current account and typical items under capital account, reflecting RMB circulation and utilization abroad by clearing status, which comprehensively reveals the degree of activity of cross-border and overseas RMB circulation and utilization.
Clear guideline. Changes in cross-border RMB index can be divided by various composition indicators of cross-border outflow, circulation and inflow for better understanding of the influences of changes in RMB utilization in commodity trade, service trade, direct investment, overseas clearing and other items on index performance, providing a clear guideline for improving cross-border RMB utilization.
Intuitionistic interpretation. The index is calculated by taking the last quarter of 2011 as the base period to facilitate year-on-year and quarter-on-quarter comparison. Other currencies’ indices can also be calculated for horizontal comparison to understand the utilization and activity degree of cross-border RMB circulation and utilization.
For more information, please visit www.bankofchina.com or www.boc.cn.
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