China to open its onshore currency market to foreign central banks

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 yuan stable at a reasonable, equilibrium level, Premier Li Keqiang said while announcing the easing of controls during a speech at a World Economic Forum (WEF) meeting on Thursday.