The People’s Bank of China has listed potential steps it could take to encourage the International Monetary Fund to grant the yuan status as a reserve currency, such as opening the door wider for foreign central banks and other institutional investors to invest in China’s bond market and giving foreign entities greater freedom to sell yuan-denominated debt in China, The Wall Street Journal reported, citing a report from the central bank. While it didn’t give a timetable, other steps included offering domestic firms more scope to issue bonds overseas and easing limits on Chinese individuals and companies investing in foreign assets.
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