Yi Gang, the governor of the central bank, said that Shanghai could try the convertibility of RMB first. What does this mean? What benefits will it bring?

The free convertibility of RMB in Shanghai is of course very beneficial to the people. People can exchange RMB at any foreign outlet, which is convenient for the people.

A currency is called a freely convertible currency when its holder can freely convert it into the currency of any other country.

Benefits of exchange

(A) is conducive to improving the international status of the currency

A freely convertible currency has a higher status and a greater role in the international monetary system. It plays an important or key role in a country's international affairs such as international payment, foreign exchange reserves and market intervention.

(2) It is conducive to the formation of multilateral international settlement and promotes the development of international trade.

Whether a country's currency can be freely exchanged is not a prerequisite for utilizing foreign capital, but it is a long-term influencing factor. In particular, whether foreign investors can remit interest and profits is an important factor that foreign investors must consider.

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