RMB's Payment Currency Function Further Enhanced, Says PBOC
The People's Bank of China released the "RMB Internationalization Report 2021". The RMB's payment currency function has been further enhanced, its investment and financing currency function has deepened, its reserve currency function has risen, its denomination currency function has made new breakthroughs, and the internationalization of the RMB has made positive progress. Foreign investors are actively allocating RMB assets. As of the end of June, the financial asset amount of domestic RMB stocks, bonds, loans and deposits held by foreign entities totaled 10.26 trillion yuan, up 42.8% year-on-year.
The People's Bank of China will further improve the policy support system and infrastructure arrangements for the cross-border use of RMB, promote the two-way opening of the financial market, develop the offshore RMB market and create a more convenient environment for market players to use RMB, while further improving the prudential management framework for cross-border capital flows and guarding the bottom line of not systematic risk happening.
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