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India Launches Rupee-Based Trade to Tackle Forex-Related Issues, Including Western Sanctions: Expert_我的网站

一 |     Danielle 编译          据英文《先驱报》报道，今天（12月12日）上午，新政府正式执政后的首次民调结果公布。    Sputnik spoke with Professor N.R. Bhanumurthy, a prominent economist and vice-chancellor of the Dr. B.R. Ambedkar School of Economics University, Bengaluru (BASE University), about the decision to allow trade settlements in rupees and its impact.,Sputnik: What prompted the RBI to launch trade settlements in rupees?,Prof. Bhanumurthy: It is mostly to do with managing foreign exchange issues, especially when there are some shocks from the global financial system.,India must have smooth trade settlements since it has been trading with multiple countries.,There was a proposal to raise rupee-denominated bonds outside the country, which is also part of the transition.,So, it has a long-term strategy of the rupee also becoming one of the currencies of the international basket. Right now, we have only five recognized currencies. The latest currency added to the list was China's yuan. So, this is part of India's long-term mission.,Sputnik: Will this step help India resume sanctions-proof trade with countries like Iran, Venezuela, and Russia?,Prof. Bhanumurthy: We already have rupee-denominated trade with Iran, especially oil bills being settled in rupees. The Reserve Bank of India's decision is only to showcase that India is also emerging as a big player in the foreign exchange market.,This is only the beginning of the long process where India would like to see the rupee as one of the international currencies. In the process, all these things — like countries with a problem with foreign exchange reserves, nations with trade sanctions — all these will be taken care of.,In the future, disturbance or volatility in the foreign exchange market will increase, especially what we see in Russia or what we see in China. All those things will start having their own repercussions on the forex markets. So, it's better for India floating its currency-based trade.,Sputnik: Would other countries be interested in trading in national currencies with India?,Prof. Bhanumurthy: Certainly yes, because right now India's trade links are increasing, especially in the service sector; our trading links are expanding in a big way. There will be a much greater increase in the volumes of rupee trade. So if countries start trading through the rupee, business costs will be reduced.,India has signed an agreement with the UAE for rupee-based trade. Venezuela has also expressed interest.,Sputnik: How would this impact trade in the dollar or India's foreign exchange reserves?,Prof. Bhanumurthy: Foreign exchange reserves, which are currently around $600 billion, are not entirely in US dollars. A certain proportion of this is in US dollars, while the amount is also in euros, British pounds, and gold. So, I do not think rupee trade will impact trade volumes in the dollar. Whichever countries do not have a rupee-denominated trade deal with India, they can choose to settle their transactions in dollars. So, the dollar trade is still there.,Some areas where India is a significant trader, e.g. the European Union, and other countries like the UK is one country where we also have good trade relationships, and they are not part of the euro now. So all these things will help in increasing the rupee trade.,However, it does not mean it will negatively impact US dollar trade. They will actually complement each other. 10 years back, India used to settle most of its trade in US dollars. Now it also pays in euros, British pounds, as well as in Japanese yen.,Sputnik: Will it benefit countries in South Asia or other parts of the world facing foreign exchange crises?,Prof. Bhanumurthy: It is possible. Ultimately, every country would like to trade. If the US dollar becomes too expensive, it creates trouble for countries with a forex crisis to trade. In that situation, countries with limited foreign exchange reserves can always explore rupee-denominated trade. That is undoubtedly an area where India can take advantage.,Sputnik: Could India face US anger in some sense?,Prof. Bhanumurthy: I doubt all this can happen. We are sitting with a substantial foreign exchange reserve. If that were the case, China would have faced retaliation long back.,Retaliation options are very limited in forex markets. Productivity is one thing everybody can compete for; the rest is only settlement. Countries can only compete in productivity.,Et Tu? US Steals Most of Australia's Sale to China Amid Trade Row, Finds Study30 November 2021, 08:15 GMT,Sputnik: What should India do to strengthen the chances of making the Indian rupee a global currency?,Prof. Bhanumurthy: Productivity is a significant factor that can boost India's ambition to enhance its rupee-denominated trade. So, we need to keep improving our productivity. Second, India needs to create infrastructure to start having short-term trading in the foreign exchange market. Some countries that trade with the rupee also need to have a kind of transaction in a foreign exchange market.,The exchange rate becomes an important variable for those countries trading in the Indian rupee. So there should be some foreign exchange market institutions, and the Indian Central Bank should also be in a position to address any risk associated with other countries, wherever the rupee foreign exchange reserves are.,Any global currency possesses some characteristics — character India needs to ensure so that the Indian rupee will become a global currency.。         Advertise with us          此次民调的调查时间为12月3日至5日，正处国家党联合政府上任的第一周。

二 |          民调数据来自Curia对企业客户的调查，该机构主要为国家党进行民意调查。

三 |               总理支持率          Christopher Luxon的支持率有所下降，减少3个百分点，至30%，低于11月的33%。         不过，这一支持率对于Luxon来说仍然相对较高，因为他在担任反对党党魁近两年的大部分时间里，支持率徘徊在20%至29%之间。         工党党魁Chris Hipkins的支持率上升4个百分点，至22%，高于上月的18%，但仍低于10月份的27%。         净支持率方面（支持人数减去不支持人数），Luxon的支持率为-1%。39%的人支持他，40%的人不支持。         相比之下，Hipkins的净支持率为+9%，有42%的人支持他，33%的人反对。

四 |               党派支持率          本次民调中，最大的赢家是优先党和毛利党，二者的支持率均有所上升。         优先党已取代行动党，成为联合政府中第二大受欢迎的政党，支持率为8.1%，比11月的6%上升了整整两个百分点。         行动党的支持率则下跌2个百分点，至6.2%。         毛利党的支持率也高达5%，比11月份的3.4%上升了1.6个百分点。         绿党的支持率大幅下跌了3个百分点，至10.8%。         两大党的支持率相当稳定。

五 | 国家党下降0.5个百分点，至36.5%。

六 | 工党上升0.5个百分点，至28.8%。

七 |          按照国会席位换算，国家党能获得46个席位，足以与优先党的10个席位和行动党的8个席位联合执政。         工党能获得36个席位，绿党14个，毛利党6个。                   相关阅读：          大选日临近！过去18个月，各党的支持率发生了怎样的变化？          大选前最后的民调出炉，没有谁能“稳赢”！历史是否将再次上演？          最新民调：工党支持率上升，“造王者”还是优先党          国家党警告称或需“二次选举” 可能性到底有多大？          政治学家解读：联合执政面临哪些风险？合作关系破裂怎么办？          新民调：优先党支持率继续上升！国家党+行动党席位减少          “造王者”依然是Peters！两大党支持率与上周持平，行动党跌了......          注：本文为编译/原创，欢迎转发分享；但严禁复制等未经授权的非法使用。违反上述声明者，本网将追究其相关法律责任。

八 | 使用授权请联系[email protected]。         chineseherald.co.nz All Rights Reserved 版权所有          (责编：丹妮)          来源 -          相关内容                Winston Peters再次担任代总理 Luxon前往澳洲参加女儿毕业典礼           刚刚！政府宣布圣诞节前废除公平薪酬协议，全面恢复90天试用期           奥克兰市长大怒：招聘冻结期间还是花了纳税人740万纽币用于招人           疫情通报：病例数上升！过去一周新西兰新增7880例           五天内两份机密文件泄露，总理仍对内阁“充满信心”，这项免费政策必将取消           今天凌晨奥克兰警方展开高速追捕：8名青少年被捕，一人仅11岁           谷歌公布2023年度搜索报告，新西兰人今年格外困惑和好奇           奥克兰东区发生严重交通事故：六名行人受伤，一男子面临七项指控。

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