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MNI BRIEF: PBOC Says To Open Markets, Promote Global Yuan Role

MNI (Singapore)
(MNI)Beijing

China will further open up its financial markets and promote yuan internationalisation, the People’s Bank of China said in a statement on its social media account on Wednesday, in the latest of a string of recent Chinese official announcements pointing to greater financial openness.

The PBOC will optimise procedures for foreign capital to enter Chinese markets and expand business, while any new pilot rules will provide equal treatment for domestic and foreign financial institutions, it said on WeChat. The country will improve market connectivity mechanisms and enrich investable industries and asset types. (See MNI BRIEF: PBOC To Support Foreign Visitors' Digital Payments)

The central bank will “prudently and steadily” promote internationalisation of the yuan, optimising arrangements for cross-border investment, financing and transaction settlement in the currency, while strengthening risk management. (See MNI BRIEF: Shanghai To Boost Futures Products In Yuan Hub Bid)

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