Date
10 December 2016
The People's Bank of China says infrastructure for yuan internationalization will be improved, cross-border use under the current account increased and channels for yuan financing widened. Photo: Reuters
The People's Bank of China says infrastructure for yuan internationalization will be improved, cross-border use under the current account increased and channels for yuan financing widened. Photo: Reuters

China moves to ramp up global use of renminbi

China’s central bank is seeking further cooperation with its counterparts in other countries to push the global use of the yuan.

It did not give details but the brief announcement coincides with its forthcoming annual report on yuan globalization, Bloomberg reports.

The statement comes almost a year after China’s August 2015 devaluation of its currency, which roiled global markets and sent stock and commodity markets tumbling.

The yuan’s share of global payments fell to 1.72 percent in June, the lowest since 2014, while yuan deposits in Hong Kong slipped to a three-year low.

The People’s Bank of China also said infrastructure for yuan internationalization will be improved, cross-border use under the current account increased and channels for yuan financing widened.

It did not say how it will achieve these goals.

Use of the yuan as a reserve currency also will be increased, the central bank said.

The International Monetary Fund will add the yuan to its Special Drawing Rights in October.

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CG/RA

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