Beijing welcomes world into interbank capital market
The People's Bank of China (PBoC) on Tuesday threw open the doors to its interbank bond markets, granting access to central banks and commercial lenders overseas in a bid to encourage use of the renminbi.
The central bank said the pilot programme, which it announced on Monday, would "preserve and increase channels for cross-border trade" and promote the use of the renminbi. Central banks and some foreign lenders will gain access to China's vast interbank bond market, which saw Rmb17.24 trillion
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