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China will encourage yuan settlement with neighboring countries, promote the pricing and settlement of commodity trading in yuan and support the use of yuan in RCEP and the construction of overseas industrial parks, said Zhou Yongkun, deputy director of the Macroprudential Department of the People's Bank of China during the Financial Street Forum on Thursday.

The central bank will expand the use of yuan in reserve asset allocation and financial market transactions as the country looks to build higher level of financial opening, said Zhou.

Additionally, PBOC will continue to improve policies towards cross-border usage of yuan, remove the barriers that affect cross-border yuan settlement while keeping the continuity and stability of polices to increase market confidence, Zhou continued.