Chapter 880: 880

When an economy is strong enough, its currency will face the problem of internationalization. No matter passive acceptance or active response, it can not be avoided, unless it is completely self-sufficient and does not communicate with the outside world.

The Japanese currency and Japanese yen in this period are in this state. After all, a country is short of domestic resources, and after the end of the Second World War, its economic recovery and take-off rely on export orientation. Now it has developed into the world's second largest economy after the United States.

In order to make the currency swap agreement between Hong Kong dollar and Japanese yen more satisfying to his appetite, Gao Xian gave a prepared chip that Xiangjiang could become an offshore financial center of Japanese yen. He was almost certain that the other party could not refuse.

It is necessary to explain the background and logic.

From the perspective of a book, from the 1960s when the Tokyo Olympic Games were held to the recent early 1980s, the export-oriented economy rose rapidly. Naturally, the government did not want the yen to appreciate, and its attitude towards promoting the internationalization of the yen can be described as negative, passive and cautious.

It was too conservative, which made a book a little unprepared during the collapse of the Bretton Woods system in the 1970s and the first world oil crisis, and suffered a lot of hidden losses.

So in 1973, an exchange rate system was changed from the official fixed exchange rate system after World War II, that is, one dollar to 360 yen, to a floating exchange rate system. One book has also changed from a capital importing country to a capital exporting country.

This means that the yen has inevitably moved towards internationalization.

In 1980, a book began to implement the new foreign exchange law, changing the use of yen in international trade from "prohibited in principle" to "free in principle".

However, due to the lack of resources, yiben has always implemented the export-oriented strategy of export-oriented and import-oriented, so it is a tradition to be cautious and conservative in dealing with the internationalization of the yen.

In particular, the possible appreciation of the yen brought about by the internationalization of the yen will have an adverse impact on exports, which can be seen immediately.

In this case, the internationalization of yen is a very hot topic for a book, but it must be studied carefully.

In fact, it is not difficult to understand that if an economy can achieve such brilliant achievements, the elites of a book must not be idle and wait for death and muddle along. The initiative must be more and more dominant.

The implementation of the new foreign exchange law in 1980 is an example. It has basically realized the liberalization of foreign exchange business, capital transactions, foreign direct investment and other fields.

However, for the internationalization of the yen, the successful experience that the elites of a book can learn from is relatively limited, so they have to take a small step.

You know, the internationalization of the yen certainly has many advantages, but if you don't understand, the side effects can be more than the appreciation of the yen and the impact on exports. In the old script, an economic bubble burst into the lost ten years or even twenty years, which is a causal cycle.

This should be the truth that everything has a degree, too much is better than less; At the same time, everything has two sides.

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Of course, this has nothing to do with Gao Xian. He just gives his best in exchange for the resources he wants. If you can't deal with the side effects well, you can only blame yourself for not being successful.

The logic of the big flicker of the yen offshore financial center is that the yen internationalization must have the yen offshore market. At present, this mechanism has not been built, but it does not hinder, and even needs a pilot to accumulate experience.

In the yen offshore market, banks qualified to operate yen offshore business are inseparable from the financial center, which is Xiangjiang's turn to reflect its irreplaceable advantages and value.

So the question arises. What exactly does the internationalization of the yen mean and what does it include?

Generally speaking, the first is the proportion of Japanese yen as the settlement currency in foreign trade; The second is the proportion of yen as the trading currency in international foreign exchange transactions; The third is the proportion of yen in the international reserve currency.

Gao Xian designed a Hong Kong dollar linked package of international monetary system for Xiangjiang exchange fund. Xiangjiang's foreign exchange reserves, which provide support for the issuance of Hong Kong dollars, have been improved from only US dollars to US dollars, British pounds, West German marks and Japanese yen.

Obviously, the "proportion of the yen in the international reserve currency" of the internationalization of the yen involves the Xiangjiang exchange fund administration under the leadership of Sir Gao.

Since the outbreak of the Hong Kong dollar crisis last year, the Xiangjiang exchange fund authority has operated successfully for more than a year. Among them, sir Gao's intention to actively promote the development of Xiangjiang foreign exchange market has been recognized by the outside world. From this perspective, the "proportion of yen as a trading currency in international foreign exchange transactions" of the internationalization of yen is also involved by Xiangjiang exchange fund administration.

As for the content of yen internationalization, "the proportion of yen as the settlement currency in foreign trade" mainly depends on its own export competitiveness. However, in Xiangjiang, an international free port, if the influence of Xiangjiang exchange fund administration in Xiangjiang's financial ecosystem covers all fields from currency to securities and banks, it may not be involved.

This is where Gao Xian dared to deceive the yen offshore financial center after the establishment of Xiangjiang exchange fund administration.

Facts have also proved that the effect of this chip is simply irresistible.

Through a bank in Hong Kong and the Economic Department of the Consulate General in Xiangjiang, Gao Xian sent officials to Xiangjiang to make preliminary communication. Then, it was natural. Sir Gao, President of the Xiangjiang exchange fund authority, led a delegation to visit one.

The keynote of this trip to Tokyo is to ensure a minimum, that is, at least the 100 billion yen Hong Kong dollar yen currency swap agreement currently in operation will continue for another year.

On this basis, the scale of the new Hong Kong dollar yen currency swap agreement and the formation of long-term cooperation largely depend on Sir Gao's great deception skills.

When an air plane taken by Gao Xian and his party landed steadily at Narita Airport in Tokyo, sir Gao calmly walked to the gangway. At a glance, the scale of the welcome was obviously grand. A Book of the Minister of Tibet, a lamp under the bamboo, a bank president Chengtian Zhi, a bank vice president Sanzhong Yekang, and so on were impressively listed.

This is rare. You know, although the world's second-largest economy at this stage is humble as a dog in front of MI Di, it does not mean that it is the same for others, which is entirely due to Gao Xian's personal charm.

When Gao Xian walked briskly down the gangway, the bamboo lamp stretched out his hand, "Sir Gao, welcome to Tokyo."

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