PBOC Governor Yi Gang says will reduce restrictions on cross-border use of the yuan
People's Bank of China Governor speaking on Saturday at the Bund Summit conference held in Shanghai:
- says will work to improve the currencies 'flexibility, "and let exchange rates play a better role as an automatic stabilizer in the macroeconomy and international balance of payments"
- will reduce restrictions on its use internationally, improve the infrastructure for cross-border use of the yuan
- doing so will assist in opening China's financial services industry further
Report comes via Reuters.
China has plans to promote the yuan's use as a reserve currency.