China Should Accelerate Yuan Internationalisation - Daily

The global status of yuan has steadily improved in terms of receipts and payments, and reserves, and foreign investors have increased their holdings of yuan bonds for the eighth consecutive year, Securities Daily reported citing a report by China Banking Association. To quicken yuan internationalisation, regulators should seek to expand the scale of bilateral currency swaps and promote the unification of policy standards for using domestic and foreign currencies in trade and investment, the report said. Widening the scope of participants in cross-border investment in China's financial markets, more active development of the offshore yuan market, and optimising the offshore yuan clearing system was also recommended.