O Desafio do Renminbi

SEUL – No mês passado, a China descobriu o véu sobre o seu primeiro porta-aviões, e está a preparar-se para desafiar os Estados Unidos no Mar da China Meridional. Ao iniciar um plano para internacionalizar a sua moeda, a China está, de modo similar, a procurar desafiar o dólar na cena internacional.

Na definição de um papel global para o renminbi, os legisladores Chineses estão a agir deliberadamente. Nas palavras do venerável provérbio Chinês, estão “a procurar as pedras enquanto atravessam o rio.”

O primeiro passo das autoridades foi permitir às empresas Chinesas que utilizassem o renminbi em acordos comerciais transfronteiriços. À medida que as firmas estrangeiras que exportavam para a China foram aceitando pagamentos em renminbi, a moeda acumulou-se nas suas contas bancárias de Hong Kong. Isso levou ao próximo passo: as firmas estrangeiras que queriam investir na China foram autorizadas a dispor desses depósitos através da emissão de títulos denominados em renminbi, e foi permitido a determinadas instituições financeiras offshore que investissem fundos em renminbi no mercado interbancário de títulos na China.

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