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New move to expand yuan
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CHINA plans to allow foreign central banks into its interbank foreign exchange market in a new move to expand use of the yuan, Premier Li Keqiang told the World Economic Forum yesterday.
He gave no time frame for the change or details of what foreign institutions would be allowed to do, but the move follows a decision in March to allow foreign investors into the market in which China’s state-owned banks trade bonds.
The interbank foreign exchange market is used for setting the exchange rate of the yuan, but buying and selling takes place in a separate market, said Tan Yaling, director of the China Forex Investment Research Institute.
Participants are mostly Chinese banks and a handful of foreign entities, she said.
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