China Adds Currencies to Central Clearing in Yuan’s Global Push
China has expanded its onshore central clearing system to more foreign currencies, another step toward promoting direct trading with the yuan and reducing reliance on the dollar.
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China has expanded its onshore central clearing system to more foreign currencies, another step toward promoting direct trading with the yuan and reducing reliance on the dollar.
Hong Kong’s plan to build a global gold hub will provide “an entry point” for trading other commodities and expanding the yuan’s usage on world markets, according to its first-ever five year plan.
Chinese financial authorities have pledged further steps to expand the yuan’s global use amid a broader de-dollarisation trend, while vowing to make listing on mainland stock exchanges the “primary” choice for top-tier domestic companies. “The internationalisation of the yuan is a continuous and steady process, and an irreversible trend,” said Lu Lei, deputy governor of the People’s Bank of China (PBOC), at a press conference on Thursday. To meet growing demand from market participants seeking...
China has fired back at critics of its trade imbalances at a Group of 20 gathering, with the central bank firmly denying that Beijing deliberately pursues trade surpluses, while also vowing that it would not weaponise the yuan to boost exports. In the face of concerns over export reliance, People’s Bank of China governor Pan Gongsheng said the country remained committed to expanding domestic demand, state broadcaster CCTV reported on Wednesday. “Addressing global imbalances requires all...