Beijing has approved 32 foreign firms to invest in China’s domestic bond market in a move that pushes forward regulators’ long, slow drive to make the yuan a reserve currency, The Financial Times reported. The People’s Bank of China had previously issued rules in 2013 allowing institutions approved for investment in mainland stock markets to apply for access to the interbank bond market where over 90% of US$5.9 trillion in domestic bonds are traded. The new approvals come with quotas capping investment which are not disclosed by Beijing.
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