PBOC To Promote Financial Market Access For Foreign Institutions

The People’s Bank of China will promote a comprehensive opening of China’s financial markets for investors and improve the liquidity of yuan assets, according to an article published by the PBOC’s Macroprudential Policy Bureau on its social media account. This will be achieved by further simplifying entry processes for foreign investors, widening the assets that can be traded, and facilitating the holding of yuan assets by central banks. The PBOC will explore local currency settlement (LCS) cooperation with ASEAN and neighboring countries, promote the direct transaction of yuan against their currencies, and support the development of local yuan markets in other countries and regions, the statement said.