China will further open its bond market to the Association of Southeast Asian Nations (ASEAN). At the China-ASEAN Summit Forum on Financial Cooperation and Development, Yi Gang, Deputy Governor of the People's Bank of China (PBOC), encouraged ASEAN central banks and financial institutions to invest in the Chinese bond market.
He vowed to strengthen cooperation of regional financial stability, and improve the ability to react to financial volatilities.
Yi also said that the PBOC will double the reserve pool of the Chiang Mai initiative, a currency swap within ASEAN, to $240 billion. China's central bank is encouraging local currencies in trade, adding a cash rate trade between the yuan and Indonesian Rupiah.
(CNTV.cn September 4, 2013) |