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MNI BRIEF: PBOC To Facilitate Financial Markets Investment

MNI (Singapore)

The People’s Bank of China pledged to further open up its financial markets as the international Monetary Funds raised the yuan’s weighting in the Special Drawing Rights currency basket, according to a statement on PBOC’s website on Sunday.

The yuan’s weighting was lifted to 12.28% from 10.92% which was set in 2016 when the currency was included in the basket. The weighting of the U.S dollar rose to 43.38% from 41.73%, and that of euro, Japanese yen and British pound reduced to 29.31%,7.59% and 7.44%, respectively, from 30.93%, 8.33% and 8.09%.

China will further simplify the process of overseas investors to get into Chinese markets, promote information disclosure and extend the interbank foreign exchange trading time to access the financial markets, the central bank said.


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