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

A |     　　讯 据海关总署消息，随着暑期跨境出游热潮持续升温，广州白云机场口岸客流显著攀升。    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.。据广州海关统计，今年暑运启动以来（7月1日至8月10日），广州海关在广州白云机场口岸累计监管进出境航班超1.5万架次，同比增长约11%；监管进出境人员超240万人次，同比增长约15%，创历史同期新高。　　广州白云国际机场作为全国三大国际航空枢纽之一，拥有国际及地区通航点超100个，每周进出境国际航班超2500架次，航线网络通达全球。在跨境游的强劲带动下，7月广州白云机场口岸迎来客流高峰。　　跨境出行热度高涨，“跨境游+免税购物”“跨境游+离境退税”的组合持续激发消费潜力。目前，广州白云机场口岸在T2、T3航站楼均设有口岸进、出境免税商店和市内免税商店提货点，在售免税商品超1.1万种，品类覆盖化妆品、烟酒、国潮饰品、非遗产品以及国产手机、平板电脑等电子产品。广州市离境退税商店突破1700家，网点广泛覆盖天河路商圈等核心消费集聚区，境外旅客购物退税场景不断丰富。

B | 　　据统计，7月以来截至8月10日，广州白云机场口岸免税品销售额超约1.5亿元，同比增长3.4%；广州海关累计验放境外旅客离境退税申请单金额超1.05亿元，同比增长约1.5倍。版权申明：凡注有“”或电头为“”的稿件，均为独家版权所有，未经许可不得转载或镜像；授权转载必须注明来源为“”，并保留“”的电头。

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