2014-07-08
刊发了此次专访的详细内容，全文如下：
BOC gains momentum with cross-border renminbi trade
Mr Tian Guoli, chairman of Bank of China, discusses how the continuing growth of cross-border renminbi business is transforming the Chinese economy and creating abundant strategic opportunities
Q What do you think about the current state and development trends of renminbi internationalisation?
A Since the pilot project of renminbi (RMB) settlement in cross-border trades was carried out in 2009, significant progress has been made in RMB internationalisation. In 2013, the amount of cross-border RMB settlement reached RMB4.63 trillion, 1200 times and 9 times greater than 2009 and 2010 respectively. According to the latest, data released by SWIFT and the Bank for International Settlements, RMB has become the seventh major payment currency and the ninth major foreign exchange trading currency in the world. At the end of 2013,cross-border RMB receipts and payments were conducted in 222 countries and regions all over the world. Over 2000 banks participated in overseas RMB payments and clearing, and offshore RMB centres took shape successively in Hong Kong, Singapore, London and Luxembourg. By virtue of stable currency values and China’s promising economic development outlook, RMB has become a new choice for different countries and regions to diversify their currency reserves and disperse risks.
Q As the Chinese bank with the highest degree of internationalisation, what role does Bank of China play in the process?
A Since the pilot project of RMB internalisation, Bank of China has launched a number of cross-border RMB products and services and has taken a leading position in terms of market share of cross-border RMB settlement. So far, the bank has established a global RMB clearing system covering three clearing modes: onshore clearing, cross-border clearing and offshore clearing. Bank of China is the only RMB clearing bank in Hong Kong, Macau and Taiwan and undertakes RMB clearing business in countries such as Russia, Luxembourg, the Philippines, Cambodia and Kazakhstan. In addition, the bank has opened over a thousand RMB clearing accounts for overseas banks and developed an integrated global RMB clearing bank, which gives Bank of China the capability of providing comprehensive financial services for global customers.
In 2013 and 2014, Bank of China released the cross-border RMB Index (CRI) and offshore RMB Index (ORI). Benefiting from China’s huge economic output, stable economic growth, increasing global trade contribution and accelerating ‘going-global’ pace, the CRI, which reflects the activity of cross-border use of RMB, rose to 228 points at the end of 2013 from 100 points in 2011. While the ORI, which presents the development of RMB in the international financial market, went up to 0.91 at the end of 2013 from 0.32 in 2011.
Bank of China is the only financial institution in China with a history of over one hundred years of continuous operation. It is also the Chinese-funded bank with the highest degree of internationalisation. The bank’s network, which has been in development for over a century, plays an irreplaceable role in RMB internationalisation.
In the future, Bank of China will continue to lead in the forefront and will seize this once-in-a-generation opportunity RMB internationalisation brings to become a lead bank for cross-border RMB business, a major market maker for the RMB internationalization business, a major bank for global RMB clearing and a main provider of overseas RMB products and services.
Q What is the overall layout of Bank of China’s overseas institutions?
A Bank of China owns 619 overseas institutions in 40 countries and regions, and has developed into a large multinational banking group with global systematic importance. The bank’s scope of business covers areas such as commercial banking, investment banking, direct investment, investment management, insurance, funds and leasing.
Q How will Bank of China further define its global positioning and accelerate overseas development?
A Bank of China intends to take root in international financial centres and will focus on ‘going-global’ enterprises targeting themselves at emerging markets, as well as other markets that show great potential in RMB business. The bank will (based on independently established overseas branches) lay emphasis on the expansion of overseas markets and improvement of its global service capability by means of M&A.
In addition, Bank of China will leverage overseas markets as an important battlefield for strategic breakthroughs and will continue to boost its integrated development at home and abroad. By providing domestic services abroad and conducting overseas business domestically, the group’s advantages will be fully utilised, enhancing competitiveness by means of cross-platform and cross-regional penetration and co-operation.
The bank will adapt to global trends in a more active manner and will aim to take a leading market position in certain core areas, hence becoming a preferred bank for ‘going-global’ Chinese enterprises and a first-choice bank for Fortune global 500 enterprises and quality overseas customers in terms of their business in China. Bank of China will be a preferred partner for international banks doing business in China, as well as domestic banks carrying out overseas business, a guide and pillar for private enterprises and individuals to ‘go global,’ and a bank with leading advantages in the processes of globalisation.
It’s hard to find a Chinese-funded bank with such a sound knowledge of international markets, as well as an international bank with such a thorough understanding of China. In the future, Bank of China will strengthen its role as a ‘bridge,’ helping more foreign enterprises familiarise themselves with China and advising more ‘goingglobal’ Chinese enterprises with knowledge about the markets of host countries.
Currently, the proportion of assets and profit at Bank of China’s overseas institutions both stand at around 20%. We hope to raise this proportion to over 30% with RMB internationalisation efforts and the growth of China’s external investment.
Q What are the primary challenges facing the Chinese banking sector?
A The operating environment of the Chinese banking sector has been confronted with great challenges and as a result is changing profoundly. Firstly, China’s economy remains in a transitional period and its economic growth is slowing down. As a pro-cyclical industry, banking activities often fluctuate with the change of an economic cycle.
Secondly, driven by internet finance and interest rate liberalisation, China’s financial disintermediation presents sustained development and the proportion of bond and stock finance in total social financing has steadily risen to over 10% in recent years from around 5% in 2002. In addition, the assets, liabilities, payment and settlement businesses of banks are contracting continuously. Thirdly, with the deepening of interest rate liberalisation, banks’ pricing modes and strategies are confronted with huge challenges from market competition. With respect to risk management, the difficulties in the management of interest rate risk and liquidity risk are rising due to the impact of a combination of factors, including widening volatility of interest rates and the declining stability of deposits.
Q In your view, what are the new growth areas for the Chinese banking sector?
A Despite the challenges brought about by transformational economic conditions, China’s banking sector remains in an important period of strategic opportunities. Firstly, China’s economic structuring is bringing about increasing demands in terms of household consumption, agriculture, services, strategic emerging industries and regional financial services.
Secondly, the construction of a new open economic system by the Chinese government obviously speeds up the ‘going-global’ pace of Chinese enterprises. In 2013, the size of foreign direct investment exceeded $90 billion. The great potential of diversified cross-border financial services, overseas investment and financing, centralised cash management, commodity trading and other businesses will inevitably push forward the rapid growth of demand for overseas RMB deposits and loans, settlement and custody service.
Interest rate liberalisation and direct financing provides a vast development space for non-interest businesses, and this trend has been manifested recently; the proportion of non-interest income in commercial banks has risen to 21.15% in 2013. Finally, by means of powerful tools provided by the IT revolution, banks have expanded the scope of their management and acquired substantive improvements in their international and integrated operations.
Q What kind of development prospects for Bank of China can be found in domestic and international markets?
A By grasping the business development opportunities brought by RMB internationalisation, interest rate liberalization and mobile internet, Bank of China will accelerate its strategic transformation to improve its market competitiveness, profitability and sustainable development capability.
The first step will be to grasp network finance opportunities and implement online banking strategies for the purpose of maintaining a competitive edge among the major domestic banks. The second will be to grasp the important strategic opportunity of RMB internationalisation and promote the all-round development of cross-border RMB business based on the clearing system, product R&D and integrated construction at home and abroad. The third step is to strengthen the development of tailor-made and featured businesses, such as the internalisation business, diversification business, financial market business and trade finance, to continuously enhance Bank of China’s core competitiveness. The fourth step will be to energetically improve the structure of Bank of China’s outlets and steadily facilitate the transformation of these outlets, so that single-function outlets can be developed into multifunctional ones, thus enhancing the bank’s sustainable development capability.