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June 12, 2015

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Globalized yuan due to swap pacts

THE value of currency swap deals that China has reached with other countries has surpassed 3 trillion yuan (US$483 billion), highlighting the yuan’s globalization.

The People’s Bank of China had reached swap deals worth 3.1 trillion yuan with 32 countries and regions as of the end of May, the PBOC said yesterday.

The number of offshore yuan banks is surging, with official yuan clearing banks now present in 15 countries in southeast Asia, western Europe, the Middle East and America.

The central bank believes that the China-proposed “One Belt, One Road” initiative will create more demand for the yuan overseas.

Foreign direct investment in the Chinese mainland jumped 10.5 percent year on year in the first five months of 2015 to settle at 330.95 billion yuan.


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