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China's RMB is expected to continue its steady rise

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China's RMB is expected to continue its steady rise

2022-09-27 11:27:21

China's RMB is expected to continue its steady rise in global use and play a bigger part in safeguarding international financial stability, as the country further advances its financial opening-up while deepening trade and investment cooperation, experts said.

Their comments follow a report released on Friday by the People's Bank of China, the central bank, saying that the renminbi has played a growing international role in payment, investment, financing and foreign exchange reserves.

The renminbi internationalization composite index — a gauge created by the central bank to describe the extent to which a currency is internationalized — rose to 2.86 in the first quarter of the year, up 14 percent year-on-year, the report said.

The PBOC will steadily advance renminbi internationalization in line with the market-driven principle, the report said. The central bank pledged efforts to facilitate the use of the renminbi in cross-border trade and investment, deepen the financial market's opening-up, promote local currency settlement with more central banks and enrich the products offered by offshore renminbi markets, according to the report.