{"id":887424,"date":"2026-09-10T22:58:35","date_gmt":"2026-09-10T22:58:35","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/887424\/"},"modified":"2026-09-10T22:58:35","modified_gmt":"2026-09-10T22:58:35","slug":"china-says-yuans-global-rise-is-irreversible-and-has-a-strategy-to-back-it-up","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/887424\/","title":{"rendered":"China says yuan\u2019s global rise is \u2018irreversible\u2019 \u2013 and has a strategy to back it up"},"content":{"rendered":"<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Chinese financial authorities have pledged further steps to expand the yuan\u2019s global use amid a broader de-dollarisation trend, while vowing to make listing on mainland stock exchanges the \u201cprimary\u201d choice for top-tier domestic companies.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">\u201cThe internationalisation of the yuan is a continuous and steady process, and an irreversible trend,\u201d said Lu Lei, deputy governor of the People\u2019s Bank of China (PBOC), at a press conference on Thursday.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">To meet growing demand from market participants seeking more diverse currency options, the PBOC had steadily strengthened the yuan\u2019s global monetary functions and international standing, Lu said.<\/p>\n<p>To support this expansion, he said China would increase bilateral currency swap agreements and local-currency settlement while improving the <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3347053\/how-china-opened-door-creating-direct-rival-us-payment-systems?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">Cross-Border Interbank Payment System<\/a> \u2013 a Chinese alternative to Western-dominated settlement networks such as the Society for Worldwide Interbank Financial Telecommunication, or Swift.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The central bank would also expand cross-border use cases for the digital yuan and QR-code payments, Lu added, while it planned to optimise market access schemes \u2013 including Stock Connect, Bond Connect and Swap Connect \u2013 to further open up China\u2019s onshore financial markets.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Authorities also pledged to reinforce Hong Kong\u2019s role as the premier offshore yuan hub, while supporting tailored, differentiated market development in London, Singapore and Dubai.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Shanghai\u2019s growth as a global hub for yuan asset allocation and risk management would be further enhanced, Lu added.<\/p>\n","protected":false},"excerpt":{"rendered":"Chinese financial authorities have pledged further steps to expand the yuan\u2019s global use amid a broader de-dollarisation trend,&hellip;\n","protected":false},"author":2,"featured_media":887425,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[56240,64,63,3686,135087,99,512,73893,200123,200124,200121,164,10340,28874,457074,457075,51581,4933,344104],"class_list":["post-887424","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-a-share-market","tag-au","tag-australia","tag-beijing","tag-bond-connect","tag-business","tag-china","tag-china-securities-regulatory-commission","tag-cips","tag-cross-border-interbank-payment-system","tag-digital-yuan","tag-economy","tag-hong-kong","tag-imf","tag-li-chao","tag-lu-lei","tag-peoples-bank-of-china","tag-shanghai","tag-stock-connect"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/887424","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=887424"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/887424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/887425"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=887424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=887424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=887424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}