Mr. Xu Hongcai, Director of the Economic Research Department of CCIEE, Met with OMFIF Managing Director Mr. David Marsh

On May 21, 2015, Xu Hongcai, Director of the Economic Research Department of CCIEE, met with OMFIF Managing Director Mr. David Marsh and his party. Also present at the meeting were researchers from the Strategic Research Department and Economic Research Department as well as officers from the Department of External Affairs.

Mr. Xu Hongcai gave a brief introduction to the recent research findings of CCIEE and his basic opinions about RMB internationalization and inclusion of RMB into Special Drawing Right (SDR) currency basket, etc. According to him, major progresses have been achieved in recent years in RMB internationalization, including RMB-based trade and investment settlement, inter-government currency swap, RMB denominated assets included in foreign exchange reserve and RMB offshore market, etc. The Chinese government has made clear that it will speed up full convertibility of RMB under the capital account this year, and RMB is fully qualified to be included in the SDR currency basket.

Mr. David Marsh said in agreement that, China will play an increasingly essential role, not only in the inclusion of RMB into the SDR currency basket, but also in the global financial governance reform. OMFIF looked forward to intensifying cooperation with CCIEE for joint research.

Both parties agreed to maintain close contact and communication concerning future cooperation.