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Yuan's Convertibility May Quicken On Global Demand
Source: Agencies |
February 23, 2011, Wednesday
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Print Edition
Print Edition
THE pace of the yuan's convertibility may accelerate as global demand grows to settle trade in the currency, a Chinese central bank official said yesterday.
"If you look at the history and the progress of international use of our yuan, you find that sometimes demand grows very quickly," said Xing Yujing, vice director-general of the monetary policy department of the People's Bank of China.
"If there's demand from the market in order to facilitate trade and investment, the change may be quicker than we imagined before," Xing told an economic conference in Hong Kong yesterday.
China is seeking to promote the use of the yuan overseas as part of a longer-term plan to give the yuan a more global footing, analysts said. China's promotion of Hong Kong as an offshore yuan trading hub has resulted in a flurry of yuan-denominated corporate bonds also known as dim-sum bonds, banks creating new structured products, and more Chinese importers settling trade in yuan.
"If you look at the history and the progress of international use of our yuan, you find that sometimes demand grows very quickly," said Xing Yujing, vice director-general of the monetary policy department of the People's Bank of China.
"If there's demand from the market in order to facilitate trade and investment, the change may be quicker than we imagined before," Xing told an economic conference in Hong Kong yesterday.
China is seeking to promote the use of the yuan overseas as part of a longer-term plan to give the yuan a more global footing, analysts said. China's promotion of Hong Kong as an offshore yuan trading hub has resulted in a flurry of yuan-denominated corporate bonds also known as dim-sum bonds, banks creating new structured products, and more Chinese importers settling trade in yuan.
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