“The liquidity advantage of dollar reserve assets in the past, which 'can be cashed out anytime and on a large scale', is beginning to be constrained.” Recently, Miao Yanliang, senior managing director and chief economist of CICC, said in an exclusive interview with reporters that global reserve assets are becoming increasingly diversified, opening a window for the internationalization of RMB and the allocation of RMB assets. In his view, the immediate bottleneck in improving the status of RMB reserves is that RMB trade settlement accounts for significantly less than China's share of trade, and the deeper shortcoming is that the development and opening up of financial markets still needs to be improved. In response, Miao Yanliang proposed a “troika” framework — focusing on promoting RMB cross-border trade settlement, promoting the development and opening up of financial markets, and using regionalization as a starting point to promote the continuous improvement of reserve positions.

“The liquidity advantage of dollar reserve assets in the past, which 'can be cashed out anytime and on a large scale', is beginning to be constrained.” Recently, Miao Yanliang, senior managing director and chief economist of CICC, said in an exclusive interview with reporters that global reserve assets are becoming increasingly diversified, opening a window for the internationalization of RMB and the allocation of RMB assets. In his view, the immediate bottleneck in improving the status of RMB reserves is that RMB trade settlement accounts for significantly less than China's share of trade, and the deeper shortcoming is that the development and opening up of financial markets still needs to be improved. In response, Miao Yanliang proposed a “troika” framework — focusing on promoting RMB cross-border trade settlement, promoting the development and opening up of financial markets, and using regionalization as a starting point to promote the continuous improvement of reserve positions.