Sep
09
China Opens Onshore Currency Market to Foreign Central Banks
By-
Cross-border payments system to be completed end-2015, says Li
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MOVE
comes as China pushes to obtain reserve status for yuan
China will open its domestic foreign-exchange market to overseas central banks, making it easier for other nations to hold yuan assets as Asia’s biggest economy pushes for the currency to win reserve status at the International Monetary Fund.
The country will keep the yuan stable at a reasonable, equilibrium level, Premier Li Keqiang said while announcing the easing of controls during a speech at a World Economic Forum meeting Thursday. The nation doesn’t want a currency war, he said, after the People’s Bank of China shook up global markets with a devaluation on Aug. 11. Overseas monetary authorities have already been granted access to China’s interbank bond market…
China Opens Onshore Currency Market to Foreign Central Banks
