Chinese Central Bank Signals Further Improvements to Cross-border and Offshore Renminbi Settlement Measures

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The People’s Bank of China (PBOC) has signalled further measures to facilitate the internationalisation of the Chinese currency.

PBOC and the State-owned Assets Supervision and Administration Commission (SASAC) jointly held a work meeting on cross-border renminbi usage by enterprises for trade and investment purposes on 12 November.

The meeting said that China will “continually improve the cross-border renminbi operations policy framework, raise the ease of cross-border usage of the renminbi, and further strengthen the sense of gain and satisfaction of enterprises.”

According to the meeting enterprise representatives have called for further optimisation of renminbi policy, improvements to the infrastructure for cross-border usage of the renminbi, and diversification of offshore renminbi financial products, in order to better satisfy their trade and investment needs and help avert exchange risk.

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