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China reminds markets that yuan's challenge to dollar is still on
From Bloomberg News
via Yahoo News
Monday, October 26, 2020
Investors wondering how China plans to evolve its financial markets in the coming years need look no further than the commentary from the weekend's Bund Summit in Shanghai for guidance.
People's Bank of China Governor Yi Gang said that promoting broader use of the yuan will continue alongside the opening of markets. "The regulator's main job is to reduce restrictions on the cross-border use of the currency, and let it take its own course," he said.
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Those comments were echoed by Zhu Jun, director general of the central bank's international division. Policy makers will remove obstacles that stand in the way of broader use of the currency with steady liberalization of the capital account, increasing yuan exchange-rate flexibility and improving liquidity in the bond market, she said.
The comments by the two officials are a reminder that even though promoting the yuan hasn't taken off as rapidly as expected since the idea was kicked off a decade ago, monetary officials are pressing ahead anyway. Success would give Chinese policy makers some things they have long dreamed about: the use of the yuan as a global reserve currency and a challenge to the greenback's dominance in trade and finance. ...
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