China reconsiders its global strategy for yuan

Rising yuan: The yuan rallied to the strongest in more than two years earlier this week, aided by dollar weakness and China’s economic recovery from the virus pandemic.— AFP

SHANGHAI: China is reconsidering its strategy for the internationalisation of the yuan and planning for more policy support after completing a comprehensive review recently, according to a senior central bank official.

“As everybody knows in the past, the internationalisation of the RMB (yuan) sticks to the market principles, ” Zhu Jun, director-general of the People’s Bank of China’s international division, said at the Bund Summit in Shanghai on Saturday.