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PBOC to Steadily Promote Yuan Internationalization: Report

CHINA PRESS
MNI (Singapore)

The PBOC will steadily promote yuan internationalization, further expand the cross-border use of yuan under current accounts in businesses such as commodity and e-commerce trade, according to the 2021 RMB Internationalization Report published on the PBOC website. The central bank said it will further broaden cross-border investment and financing channels for the yuan, enrich risk hedging tools, while strengthening the monitoring and early warning of cross-border capital flows. As of end-June, foreign investors hold a total CNY10.26 trillion of financial assets including yuan stocks, bonds, loans and deposits, rising 42.8% y/y. Yuan ranks the fifth among major international payment currencies in June, also the fifth in the official foreign exchange reserve currency composition (COFER) tracked by the International Monetary Fund (IMF).

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