China will boost the yuan’s global reach with new operations centre, PBOC says
The announcement at the Lujiazui Forum comes as China accelerates efforts to expand the global use of its currency amid growing US tensions
The measure was among eight financial policies Pan announced during the opening of the annual finance-facing forum, which also included pledges that China would pilot a range of structural monetary policy tools in Shanghai.
The policies come at a time when growing tensions with the United States over trade and technology issues have added urgency to China’s attempts to expand overseas adoption of the yuan and accelerate the rise of Shanghai as a global financial hub.
“There is a growing global call for improvements, and new payment infrastructures and settlement methods are emerging, which is driving the global system toward greater efficiency, security, inclusiveness and diversity – a trend that will only strengthen in the future.”
He added that China had built a multi-channel, wide-coverage cross-border renminbi clearing network after more than a decade of development.