China’s central bank projects more yuan use on the international current account
Almaty. August 11. Silkroadnews – According to the latest data released by the People’s Bank of China (Central bank) on Wednesday, in 2015 the Chinese yuan internationalized rapidly and the international status of the Chinese currency continued to rise, the newspaper “People’s Daily” reported.
As the data show, according to the results of 2015 the volume of cross-border receipts and payments in yuan reached 12.1 trillion yuan, i.e. 21.7% increase compared to the same period the year before.
On November 30, 2015, the International Monetary Fund (IMF) decided to include the Chinese yuan into the basket of Special Drawing Rights (SDRs), which became a milestone in RMB internationalization.
Recently China’s Central bank has published a report on the internationalization of yuan in 2016, saying in December 2015 yuan ranked the third currency in trade financing, the fifth among payment currencies and the fifth in foreign currencies trade.
The report notes that RMB internationalization infrastructure will continue to improve, the central bank also forecasts further raise in RMB international use on current accounts, expansion of channels of cross-border investments and financing, as well as increase in bilateral cooperation on currencies and expansion of the scope of foreign exchange reserves in yuan.
