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The headquarters of People's Bank of China in Beijing, China, September 24, 2022. /CFP
China's central bank on Sunday vowed to continue making its currency more convenient for cross-border investment and financing.
The central bank will "steadily advance the internationalization of the Chinese yuan", said the People's Bank of China (PBOC) in a statement on its official WeChat account.
As the yuan exchange rate becomes more flexible, the demand for using the yuan in cross-border trade and investment has been growing, said the PBOC.
In 2021, banks processed a record-high of 36.6 trillion yuan ($5.1 trillion) in cross-border transactions on behalf of customers, up 29 percent from 2020, according to the PBOC.
Separately, the PBOC announced Monday that it has recently renewed a bilateral local currency swap agreement for a further three years with the European Central Bank.
The scale of the swap remains unchanged at 350 billion yuan or 45 billion euros.
The agreement renewal is conductive to further deepening bilateral financial cooperation, promoting bilateral trade and investment facilitation, and maintaining financial market stability, the PBOC said.
The PBOC stated that it would continue to improve the opening of the financial market.
The demand for holding yuan reserves by global central banks has increased significantly in recent years, said the PBOC. It added that more than 80 foreign central banks or monetary authorities had included the yuan in their foreign exchange reserves.
The central bank has vowed to improve the liquidity of yuan financial assets and further simplify the investment process for foreign investors looking to enter the Chinese market.
Read more: China-ASEAN RMB settlement volume up nearly 20-fold in a decade
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466