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China’s central bank governor Pan Gongsheng touted yuan assets to investors in Bangkok and outlined plans to expand their role in global markets, according to people who attended the closed-door event.
China’s campaign to promote the global use of the yuan appears to be accelerating as the authorities seek to build a more comprehensive financial ecosystem for the currency beyond just trade settlement.
China’s central bank rejected claims that the yuan is undervalued, rebutting a key European argument amid crunch negotiations ahead of a possible trade war. “China has no need or intent to gain competitive advantages through currency devaluation, nor has it ever resorted to competitive devaluation,” the People’s Bank of China said in a policy paper on Thursday, printed in both Chinese and English (see the full paper on SCMP Plus). “China’s trade growth is driven by its growing industrial...
China’s central bank rejected claims that the yuan is undervalued as trade talks began with the European Union, where officials have increasingly blamed trade imbalances on the exchange rate. The People’s Bank of China argued that exchange-rate adjustments won’t resolve structural imbalances in the global economy. Bloomberg's Oliver Crook reports. (Source: Bloomberg)
China should seize a window opened by the widening US-China yield gap to strengthen the financing, hedging and asset-absorption systems behind the yuan, turning its cyclical low-interest-rate advantage into lasting global use of the currency, according to a researcher from a Beijing-based governmental think tank. The 10-year US Treasury yield was 5.22 per cent on Thursday, compared with 1.69 per cent for Chinese government bonds on their first trading day after the National Day holiday – a gap...
Bourse operator Hong Kong Exchanges and Clearing (HKEX) will launch yuan-denominated gold futures early next year, while the city’s de facto central bank plans to introduce more yuan products and platforms to support the diversification and digitalisation of the currency’s internationalisation, speakers at a banking summit said on Wednesday. “We have recently reactivated our gold contract in the US dollar. But in the future, perhaps sometime early next year, we will be coming up with a...