China to open domestic currency market to foreign central banks this year

Chinese Premier Li Keqiang promised World Economic Forum attendees China would open its domestic foreign-exchange market to overseas central banks in 2015, Bloomberg reported. “Not long ago, we allowed foreign central banks to participate in the interbank bond market,” Li said at the WEF meeting in Dalian, China. “The next step is to allow foreign central banks to directly participate in the interbank foreign-exchange market. Before the end of this year, we will complete the cross-border yuan payment system that facilitates the development of the offshore yuan market.”