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PBOC to enhance global presence of RMB, manage risks
  ·  2024-01-09  ·   Source: Xinhua News Agency

China will boost the internationalization of the RMB, guard against systemic risks, and foster a sound monetary and financial environment, according to the country's central bank.

China will improve the basic institutional arrangements and infrastructure for cross-border RMB use, and enhance its ability to serve the real economy and promote high-quality development, People's Bank of China official Li Bin told Xinhua in an interview.

The country aims to promote the comprehensive institutional opening-up of financial markets in a steady and orderly manner, enrich risk-hedging tools, and build a more friendly and convenient investment and financing environment, Li said.

Official data shows that in the first 11 months of 2023, cross-border RMB transactions amounted to 48 trillion yuan (about $6.76 trillion), up 24 percent year on year.

China will strengthen counter-cyclical and cross-cyclical adjustments, and create a good monetary and financial environment for high-quality economic development, according to the central bank.


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