China uses Brics summit to further RMB internationalisation

brics

The People's Bank of China (PBoC) today signed two new agreements to sell renminbi and renminbi-denominated assets to the central banks of South Africa and Brazil, at a summit of the Brics nations in Durban.

The South African Reserve Bank (Sarb) said it had signed an agreement with the PBoC that enables the South African central bank to invest up to 9.3 billion yuan ($1.5 billion), roughly 3% of SARB's foreign exchange reserves, in China's interbank bond market. Sarb said China is now South

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