The Central Bank of China aims to expand the global presence of the yuan

The People's Bank of China has expressed its intention to actively promote the internationalization of the Chinese currency and take measures to prevent systemic financial risks. This was stated by the representative of the PBC, Li Bin.

According to his statement, China is going to improve the basic institutional mechanisms and infrastructure for the use of the yuan at the international level. He also stressed the importance of providing services to the real sector of the economy and promoting high-quality development.

The main goal is the gradual and organized promotion of comprehensive institutional openness of the financial market, the expansion of risk management tools, as well as the creation of a more favorable environment for investment and financing.

Li Bin also noted that the volume of cross-border transactions in yuan in January-November 2023 amounted to 48 trillion yuan (approximately $6.76 trillion), which represents an increase of 24% compared to the same period of the previous year.