You are here

China will improve yuan flexibility: central bank governor

nz_yuan_241087.jpg
China will seek to improve the flexibility of its yuan currency and will reduce restrictions on cross-border use of the yuan, the country's central bank governor Yi Gang said on Saturday.

[SHANGHAI] China will seek to improve the flexibility of its yuan currency and will reduce restrictions on cross-border use of the yuan, the country's central bank governor Yi Gang said on Saturday.

Mr Yi said such moves were needed to promote the opening of the country's financial services industry. He was speaking at the Bund Summit conference held in Shanghai.

China will "improve flexibility of the yuan, and let exchange rates play a better role as an automatic stabiliser in the macro economy and international balance of payments," he said.

To promote yuan internationalisation, China will further improve the infrastructure for cross-border use of the yuan, he said.

China plans to expand several outbound investment schemes to meet onshore investors' need to allocate assets globally, state news agency Xinhua said on Wednesday, following a steady strengthening in the yuan against the US dollar.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes