China's central bank vows to expand yuan's international use in five-year plan
33 Articles
33 Articles
(Shanghai = Yonhap News) Correspondent Cha Byeong-seop = China is accelerating the internationalization of the yuan, including designating a European financial institution as its yuan clearing and settlement bank for the first time.
China has granted a European bank the authority to directly clear and settle yuan transactions for the first time. This move appears to be expanding into Europe as China seeks to reduce its dependence on the dollar-centric international financial system by increasing the use of the yuan in international trade and investment. According to the Financial Times (FT) on the 11th (local time), the People's Bank of China, the country's central bank, [g…
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