Beijing looks to further internationalise renminbi

Chinese currency

The People's Bank of China (PBoC) on Friday outlined further steps to cement the role of the renminbi in cross-border trade and settlement.

The central bank unveiled the five steps in in its Financial Stability Report: expanding the cross-border renminbi settlement programme to include other jurisdictions and a larger range of companies; mounting efforts to make interest rates market oriented, and to further open the domestic financial market to overseas institutions; giving commercial banks su

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