China\u2019s central bank has adopted a more proactive tone when describing its efforts to promote the global use of the yuan \u2013 a rhetorical change that could signal increased efforts to internationalise the currency amid growing concerns over the US dollar.<\/p>\n
At a recent meeting, People\u2019s Bank of China Governor Pan Gongsheng pledged to \u201cpromote the internationalisation of the yuan\u201d, a noticeable shift in tone from earlier statements by central bank officials, which typically referred to \u201cprudently and steadily advancing the yuan\u2019s internationalisation\u201d.<\/p>\n
The bank would \u201cpromote the yuan\u2019s internationalisation, boost its use in trade, further open up financial markets in a gradual and orderly way, and support the growth of offshore yuan markets\u201d, Pan said during a meeting of the central bank\u2019s Communist Party committee on Friday.<\/p>\n
Since late 2020, the People\u2019s Bank of China had previously tended to describe its approach using the phrase: \u201cprudently and steadily advancing the yuan\u2019s internationalisation\u201d.<\/p>\n
Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered, said the use of the new phrase was a signal from Beijing that it would become more active in promoting the global use of the yuan over the next five years.<\/p>\n","protected":false},"excerpt":{"rendered":"China\u2019s central bank has adopted a more proactive tone when describing its efforts to promote the global use…\n","protected":false},"author":2,"featured_media":245999,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,3686,99,512,146224,7764,146226,138700,164,5927,146223,51581,146225,73334,5300,65279],"class_list":["post-245998","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-beijing","tag-business","tag-china","tag-chinese-currency","tag-communist-party","tag-currency-swap-deals","tag-ding-shuang","tag-economy","tag-financial-markets","tag-global-currency","tag-peoples-bank-of-china","tag-society-for-worldwide-interbank-financial-telecommunication","tag-standard-chartered","tag-us-dollar","tag-yuan"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/245998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=245998"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/245998\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/245999"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=245998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=245998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=245998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}