Silk Road to boost yuan

Beijing

CHINA will use its New Silk Road project stretching from Asia to Europe to boost use of its currency in trade that may total US$2.5 trillion in a decade, according to Yao Gang, vice-chairman of China Securities Regulatory Commission. The One Road, One Belt plan will link China to markets across Asia, Africa, the Middle East and Europe. China's trade with countries along the route will boost the flow of raw materials and help promote the use of the yuan, said Mr Yao. "The commodity market will grab this historic opportunity to help expand trade," he said. "Countries along the belt and road have great resources, while China is faced with environmental pressure and increasing dependence on foreign supplies." Bloomberg