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China central bank says to advance yuan convertibility
October 20, 2014 / 7:42 AM / 3 years ago

China central bank says to advance yuan convertibility

BEIJING (Reuters) - China aims to quicken the process of making the yuan convertible on the capital account and will allow foreign investors to use the currency to invest in Chinese financial institutions, Central Bank Deputy Governor Hu Xiaolian said on Monday.

Deputy Governor of the People's Bank of China Hu Xiaolian and Deputy Governor of the Bank of England John Cunliffe pose for a picture after signing a Memorandum of Understanding (MoU) on Renminbi (RMB) clearing and settlement in London March 31, 2014. REUTERS/Olivia Harris

China will also widen the number of channels for cross-border yuan flows and shift the focus of monetary policy to one that controls the price rather than the quantity of money, Hu said in remarks published on the central bank’s website.

Her remarks were a reiteration of the central bank’s existing stance.

Reporting by Kevin Yao and Koh Gui Qing; Editing by Jacqueline Wong

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