China to facilitate holding of RMB as foreign central bank reserve currency

A staff member counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. [Photo/Xinhua]

BEIJING, Aug 17 (China Daily/ANN) - China will further facilitate cross-border use of the renminbi by promoting pilot programs to boost trade and investment, making it possible for more foreign central banks and monetary authorities to hold the currency as a reserve asset, according to a report from the nation's central bank.

After a decade of the currency's internationalization, Chinese policymakers expect that the allocation of RMB assets by foreign investors will be further facilitated, and domestic financial market transactions by foreign investors will keep growing rapidly.