China’s push for the greater international use of its currency is not an attempt to have the RMB challenge or supplant the US dollar as the world’s major reserve currency, a People’s Bank of China (PBOC) official said, reported Caixin.
The internationalization of the RMB, is a natural result of China’s economic development and integration into global supply and industrial chains, Zhou Chengjun, director of the PBOC’s finance research institute, said Saturday at the annual China Development Forum in Beijing.
As China gets more involved globally, market entities can more often use the RMB in international trade and investment, which is something that the Chinese government is encouraging, Zhou said.
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