Business
18:49, 07-Jun-2017
China encourages more financial expansion in Belt and Road countries
[]
Share
Copied
China has said it will support more financial institutions to expand into Belt and Road countries.
The China Securities Regulatory Commission (CSRC) said the initiative has benefited Chinese capital markets and is encouraging Chinese financial firms to increase their competitiveness by expanding overseas.
"We support financial institutions expanding overseas, like Chinese stock exchanges recently bought part of the Pakistan Stock Exchange and the joint venture with the Deutsche Börse. There are more than 900 listed companies that are participating in Belt and Road projects,” said Jiang Yang, the CSRC vice chairman.
The People's Bank of China said the demand for the yuan in Belt and Road countries is growing rapidly as the number of Belt and Road projects increases.
The bank said this has laid a good foundation for yuan usage in Belt and Road countries and its expects to see more yuan investment, clearance and financing activities during the process of the currency's globalization.