PBOC official says Hong Kong to drive global yuan use
A senior Chinese central bank official said on Tuesday that China will expand global investors' access to yuan assets and promote Hong Kong as a hub for international use of the currency, highlighting swap arrangements and market-determined exchange rates.
A top policy official said on Tuesday that China will push to expand global investors' access to yuan assets and promote Hong Kong as a hub for international use of the Chinese currency.
People's Bank of China Deputy Governor Zou Lan made the remarks at the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit.
"We should give full play to the role of currency swap arrangements and provide stable and multi-level RMB liquidity support to the offshore market," Zou said.
The official added that China has promoted high-level opening-up and insisted that the market play a decisive role in the formation of the exchange rate. This, he said, will help reduce the uncertainty of cross-border economic and trade activities and stabilise investment expectations.