PBOC’s Yi: China to further Yuan internalization

In an interview with the People's Daily published on Monday, People's Bank of China (PBOC) Governor Yi Gang said that China is committed to promote the Yuan internalization and deepen the opening up of the financial sector, per MNI.

Key quotes

“China's macro leverage may rise this year given the increase in loans and debt and slower GDP. “

“The currency shows "good momentum" with surging cross-border yuan transactions and gains in its acceptance as a reserve currency.”

“China will further direct flexible monetary policy to support targeted areas, including SMEs, to stabilize businesses and protect employment.”

“China plans to open up, with measures such as lifting foreign share ownership limits in areas such as securities as it pushes for international cooperation amid the pandemic

“Institutions such as American Express, MasterCard and Fitch Group had been allowed into the Chinese market.”

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