Yi Gang emphasized that the "electronic payment tools" mentioned here include not only To C tools such as Alipay and WeChat that we use daily, but also To B electronic payment tools that are unknown to the public but play an important role in commodity trading. Once the digital RMB is added to help out, the electronic payment means of commodity trading will have more advantages.
From the trader's point of view, adopting appropriate electronic payment tools is conducive to solving the traditional problems of commodity trading: due to the diversity of commodity trading targets, the flexibility of settlement scenarios, the huge amount of funds and the many parties involved (platforms, warehouses, banks, etc.). ), it is difficult to simply copy the electronic payment tools in the To C scenario, because the development of electronic payment tools for bulk transactions lags far behind C, leading to the proliferation of commodity trading platforms, different standards, and so on. If electronic payment tools suitable for commodities can be popularized, it can lay a solid foundation for digital financial services in commodity trading markets, and then make positive contributions to improving the efficiency of commodity markets and promoting the healthy development of market norms.
Electronic payment for bulk commodity transactions is not only beneficial to traders, but also conducive to serving the national strategy and enhancing the pricing power of bulk commodities in the international market. Through the digital RMB settlement of bulk commodities, the buyer's advantage and scale effect can be brought into play, and the application ecological circle of spot trade of bulk commodities in digital currency can be formed, and the international voice and pricing power of RMB can be improved, and the scale of digital RMB settlement can be gradually expanded. Using technologies such as the Internet of Things, blockchain and big data, China can adopt the transaction settlement mechanism of digital RMB in the commodity field, break the monopoly of the US dollar in the commodity trading market, and effectively cooperate with the national grand strategy.
And such a scene has had successful experience in some practices. Commodity trading is an important part of the Belt and Road Initiative. The central bank combined digital currency's issuance strategy with the "Belt and Road Initiative" to build a RMB cross-border payment system, which improved the trust of digital RMB through the application of sovereign digital currency in economic and trade cooperation. At present, along the Belt and Road, the digital payment infrastructure has begun to take shape. Cross-border payment system services have been extended to more than 80 countries and regions, forming a benign interaction between finance and the "Belt and Road" construction, which not only increases the electronic payment scenarios of bulk commodities, reduces obstacles for promoting the application of digital RMB, but also creates rich scenarios for the use of digital RMB in the international market, laying the foundation for the final realization of "RMB pricing" of bulk commodities.
After all, grand goals must be achieved in a down-to-earth manner. The optimization of digital RMB for block transactions is also reflected in a series of seemingly inconspicuous details.
First of all, the entry of digital RMB can give full play to the advantages of financial infrastructure, complete the transformation from physical credit to digital credit, effectively integrate superior resources such as trading platforms, delivery warehouses and commercial banks, form a closed loop of online delivery, realize real-time processing of second-class commodities comparable to C in bulk commodity trading, ensure transaction security, effectively improve transaction efficiency and reduce transaction costs. For example, in August this year, Dalian Commodity Exchange paid storage fees to Dalian Liangyun Group Storage and Transportation Co., Ltd., a delivery warehouse, in the form of digital RMB, which realized the first application of digital RMB in the futures market.
The function of electronic payment tools is not only payment, but also big data analysis and research behind payment. Digital RMB access to bulk electronic payment tools is conducive to docking multiple banks through inter-bank payment clearing system, forming an efficient inter-bank payment network; The integration of transaction flow, capital flow and cargo flow in the spot market of bulk commodities not only improves the effectiveness of data monitoring, but also effectively improves the security level of transactions and minimizes transaction risks.
The optimization of digital RMB for block trading is no longer a theoretical discussion, but a reality around us. The RMB crude oil futures launched by Shanghai International Energy Trading Center is another example of the use of digital RMB for trading. Since listing for more than three years, the market share and scale of this futures have steadily expanded. According to the relevant data of Bloomberg, in the first quarter of 20021year, its trading scale accounted for about 8% of the daily trading volume of global crude oil futures, or $2.5 billion. About 5 1% of it comes from self-operated business. Relatively speaking, the transition to digital RMB trading will be easier. In the retail fuel market, retailers can also use digital RMB to know the real-time spot price of fuel sales, thus promoting smooth transactions, optimizing inventory allocation and reducing transaction costs.