PBOC to enhance global presence of RMB, manage risks

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing. [Photo/IC]

BEIJING -- China will boost the internationalization of the RMB, guard against systemic risks, and foster a sound monetary and financial environment, according to the country's central bank.

China will improve the basic institutional arrangements and infrastructure for cross-border RMB use, and enhance its ability to serve the real economy and promote high-quality development, People's Bank of China official Li Bin told Xinhua in an interview.

The country aims to promote the comprehensive institutional opening-up of financial markets in a steady and orderly manner, enrich risk-hedging tools, and build a more friendly and convenient investment and financing environment, Li said.

Official data shows that in the first 11 months of 2023, cross-border RMB transactions amounted to 48 trillion yuan (about $6.76 trillion), up 24 percent year-on-year.

China will strengthen counter-cyclical and cross-cyclical adjustments, and create a good monetary and financial environment for high-quality economic development, according to the central bank.