Brocker.Org: PBOC’s Yi: China prioritizing complete convertibility of its currency


South China Morning Write-up reporting reviews from the PBOC deputy governor Yi Gang, commenting on convertibility of its currency and global trade barriers.

Key Quotations through Bloomberg:

“We have to operate on removing existing barriers for the internationalisation of the renminbi so that we can make the renminbi a freely useable currency” 

Renminbi trade amount reform will be a “market-pushed” system centered on the demands Chinese companies and homes.

The PBOC intends to allow “much better assistance for offshore renminbi transactions” which include a lot easier payment infrastructure and issuance of much more licenses for foreign institutions to underwrite and settle renminbi-denominated bonds, also acknowledged as “Panda bonds”