China's financial market is undergoing a tremendous transformation, which will generate more opportunities for the Chinese economy in the years to come, Deutsche Bank co-Chief Executive Officer John Cryan told Xinhua here recently.
"London's RMB trading business is helping build stronger trade and business partnerships between the UK and China, which helps create jobs and growth in both countries, " said Michael Bloomberg, Founder of Bloomberg L.P.
This move recognizes the continuing internationalization of the RMB, facilitated by China's reforms to promote a more market-based economy, the IMF said in a statement.
China will keep the RMB exchange rate generally stable while continuing with reforms of exchange rate liberalization, according to a government work report to the national legislature annual session.
China's interbank local currency market transactions totalled 618.12 trillion yuan (94.17 trillion U.S. dollars) in 2015, data showed on Sunday.
China has approved RMB convertibility on the capital account within 10 million U.S. dollars for the Tianjin, Guangdong and Fujian free trade zones (FTZs), the central bank said on Friday.
Professor K C Chan, the Secretary for Financial Services and the Treasury of Hong Kong delivered a keynote speech at the 2nd ASEAN development forum which is held by the Asia Pacific Daily in Hong Kong on Dec 14th.
Current fluctuations of the renminbi (RMB) exchange rate should not be seen as a sign of devaluation, China's foreign exchange regulator said Thursday.
The inclusion of the Chinese currency renminbi (RMB), or the yuan, in the International Monetary Fund (IMF) Special Drawing Rights (SDR) basket as its fifth component currency would be credit positive for China, said a Moody's report on Monday.
Christine Lagarde, managing director of the International Monetary Fund (IMF), said Friday that the IMF staff has proposed the Executive Board to include the Chinese currency, the RMB, into its special drawing right (SDR) currency basket as a fifth currency and she supports it.
China's renminbi (RMB), or Chinese yuan, is to become the world's third great currency, after the U.S. dollars and euro, said Douglas Flint, group chairman of HSBC Holdings plc, in an interview with Xinhua.
Major announcements this week have rapidly advanced the cause of the internationalization of the Chinese currency, which is expected to bring further benefits to the world.
The "One Belt One Road" initiative and internationalization of Renminbi (RMB), the Chinese currency, are two strategies that serve both China's national and global interests, according to a report released here Thursday.
With closer China-ASEAN economic cooperation, Guangxi Zhuang Autonomous Region, the gate of China to the ASEAN countries and a border pilot zone for comprehensive financial reforms, has been in full swing to promote the cross-border use of Renminbi (RMB), and usher in a model for better advancing overall RMB internationalization and capital flow for China's "Belt and Road" initiative.
Interim reports of 16 A-shares listed Chinese banks posted slight profit growth, thanks to their overseas business offsetting the impact of the slowing-domestic economy.
Experts are cautiously optimistic that China's plans for further financial reforms would be sufficient to help its currency renminbi (RMB) meet the International Monetary Fund's (IMF) criteria for joining its benchmark currency basket later this year.
The executive board of the International Monetary Fund (IMF) still plans to formally review the possibility of adding the Chinese currency renminbi (RMB) to its benchmark currency basket by the end of this year, senior IMF officials said here Tuesday.
简体中文
