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PBOC To Promote Yuan Internationalisation By Facilitating Trade

MNI (Singapore)

The People's Bank of China will promote the internationalisation of the yuan based on market drive and independent choices of enterprises, according to a report published on its website. It will further improve systems and infrastructure arrangements for RMB cross-border investment, financing and transaction settlement, accelerate the institutional opening of financial markets, deepen bilateral currency cooperation and support the healthy development of the offshore yuan market, the PBOC said. Offshore yuan market transactions have become more active and the balance of yuan deposits in major offshore markets was about CNY1.5 trillion by end-2022, a return to historical high levels.

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