Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

China will steadily promote yuan internationalisation in 2021, central bank says

09/18/2021 | 06:29am EDT
FILE PHOTO: Illustration photo of a China yuan note

BEIJING (Reuters) - China will "steadily and prudently" promote yuan internationalisation in 2021, and further develop offshore yuan markets, the central bank said on Saturday.

Cross-border settlements in the local currency totalled 28.39 trillion yuan ($4.39 trillion)in 2020, up 44.3% from the previous year, the People's Bank of China said in its 2021 yuan internationalisation report.

Cross-border yuan settlements accounted for 46.2% of the overall cross-border settlements, hitting a record high, the central bank said.

Cross-border settlements in foreign trade reached 4.78 trillion yuan last year, up 12.7% from 2019, the central bank said.   

The central bank will strengthen the monitoring cross-border capital flows and prevent systemic risks, it added.

China has been trying to boost the yuan's global clout since 2009 to reduce the reliance on the U.S. dollar in trade and investment settlements and challenge the dollar's role as the world's major reserve currency.

But, despite some steps toward liberalisation, it maintains a tight grip on the currency due to concerns that excessive volatility could affect cross border capital flows and harm the economy.

($1 = 6.4655 Chinese yuan renminbi)

(Reporting by Kevin Yao, Editing by Louise Heavens)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.36% 2.76 End-of-day quote.4.15%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.13% 6.38198 Delayed Quote.-1.61%
Latest news "Economy & Forex"
11:33aToo little, too late? Evergrande's tortuous restructuring, asset sales in focus after default averted
11:26aTesla looks to pave the way for Chinese battery makers to come to U.S
11:25aTencent says 'loophole' allowed WeChat searches on Google, Bing
11:25aIndonesia to miss 2021 coal output target, minister official says
11:25aGlobal equity funds see biggest inflows in seven weeks - Lipper
11:14aJOURNEY OF NON-FERROUS METALS : Products of the Future
11:10aPhilippines' Synergy Grid prices $273 million share offer at bottom of guidance
11:06aChina's land sales slump for second month as property chill bites
11:06aInvestors shrug off rate hike fears to stock up on equities - BofA
11:00aIn corporate crackdown, U.S. SEC takes aim at executive pay
Latest news "Economy & Forex"