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China to open its onshore currency market to foreign central banks

Move will help further Beijing's push for yuan to join IMF's basket of reserve currencies

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SETTING A TARGET: Before the end of this year, China will complete the cross-border yuan payment system that facilitates the development of the offshore yuan market, says Premier Li.

Beijing

CHINA will open its domestic foreign-exchange market to overseas central banks, making it easier for other nations to hold yuan assets as Asia's biggest economy pushes for the currency to win reserve status at the International Monetary Fund (IMF).

The country will keep the