And you still believe that the US dollar won’t decline – China to expand yuan cross-border financing and investing channels

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China to expand yuan cross-border financing and investing channels

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BEIJING (Reuters) – China’s will further expand yuan cross-border financing and investment channels, and will further expand cross-border usage of the yuan under the current account, the central bank said on its website on Wednesday.

China will also increase the amount of yuan used as a reserve currency, the People’s Bank of China said in a report on the internationalisation of the yuan.

Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo

Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo

The yuan is set to be included in the IMF’s special drawing rights basket for the first time in October.

(Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)

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