China set to internationalize yuan & open financial markets

Beijing is set to further internationalize the yuan, including through the opening of the country’s financial markets, according to the Governor of the People’s Bank of China (PBC) Zhou Xiaochuan.

“We have taken sufficient measures in the process of internationalization of the yuan which from now on will allow the yuan to be used in trade and investment,” Xiaochuan said at a press conference on Friday. “Moreover, the yuan has been included in the SDR currency basket. The key procedures have already been carried out.”