Central Banks

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With China's 19th Communist Party Congress off and running the  People’s Bank of China (PBOC) is out with comments on the Yuan both internal and globally. There has been much talk about monetary policy, shadow banking and using Yuan in oil and commodity markets as the base currency. The central bank said it will push forward with internalisation of the yuan and keep the yuan’s position stable in the global monetary system.

Yuan Printing

Back in October the International Monetary Fund added the yuan to its basket of reserve currencies. The rest of the basket is the U.S. dollar, the euro, the yen and the pound.

People's Bank of China Statement Oct 18 Highlights via PBOC Website

  • Scope of useage for the yuan globally will expand
  • Will push forward yuan internalisation
  • Keep yuan's stable position in global monetary system
  • Yuan payment instruction to strengthen
  • Yuan cross-border fin trading to keep rising

Source: PBoC

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