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China to push yuan internationalization, free trade: central bank official
April 27, 2017 / 8:48 AM / 5 months ago

China to push yuan internationalization, free trade: central bank official

FILE PHOTO: Chinese Yuan bank notes are seen at a vendor's cashbox at a market in Beijing April 10, 2013. REUTERS/Kim Kyung-Hoon/File Photo

BEIJING (Reuters) - China will continue to push forward the internationalization of the yuan currency, and further promote free trade and investment, central bank vice governor Fan Yifei said on Thursday.

Fan expressed confidence in setting a good foundation for yuan internationalization by achieving stable economic growth while maintaining financial stability, according to a notice on the central bank website.

But the process will be long-term and market forces will play a “decisive role”, he said.

Fan made the remarks during a forum held in Sydney.

Late last year and early this year, China imposed some curbs on capital outflows, which affected the pace of yuan internationalization.

But reduced pressure from outflows has helped steady the yuan this year and brought China’s foreign currency reserves back over the closely watched $3 trillion mark.

Reporting by Yawen Chen and Nicholas Heath; Editing by Kim Coghill & Simon Cameron-Moore

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