July 16, 2019 / 4:29 AM / 5 months ago

China's yuan internationalisation should be market-driven, will take time: regulator

FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, in this March 30, 2016 file picture. REUTERS/Kim Kyung-Hoon/File Photo

BEIJING (Reuters) - China’s policy of internationalising the use of its yuan currency should be market-driven and cannot be accomplished overnight, the head of its foreign exchange regulator said on Tuesday.

China will continue to encourage cross-border use of the yuan in trade and investment and will make it easier for foreign investors to use yuan to invest in China’s bond and stock markets, Pan Gongsheng said in an article posted on the Wechat account of a central bank publication.

China also will further develop financial products in offshore yuan markets and provide necessary liquidity support, Pan added.

Reporting by Kevin Yao and Beijing Monitoring Desk; Editing by Kim Coghill

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