China\u2019s central bank has adopted a more proactive tone when describing its efforts to promote the global use of the yuan \u2013 a rhetorical change that could signal increased efforts to internationalise the currency amid growing concerns over the US dollar.<\/p>\n
At a recent meeting, People\u2019s Bank of China Governor Pan Gongsheng pledged to \u201cpromote the internationalisation of the yuan\u201d, a noticeable shift in tone from earlier statements by central bank officials, which typically referred to \u201cprudently and steadily advancing the yuan\u2019s internationalisation\u201d.<\/p>\n
The bank would \u201cpromote the yuan\u2019s internationalisation, boost its use in trade, further open up financial markets in a gradual and orderly way, and support the growth of offshore yuan markets\u201d, Pan said during a meeting of the central bank\u2019s Communist Party committee on Friday.<\/p>\n
Since late 2020, the People\u2019s Bank of China had previously tended to describe its approach using the phrase: \u201cprudently and steadily advancing the yuan\u2019s internationalisation\u201d.<\/p>\n
Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered, said the use of the new phrase was a signal from Beijing that it would become more active in promoting the global use of the yuan over the next five years.<\/p>\n","protected":false},"excerpt":{"rendered":"China\u2019s central bank has adopted a more proactive tone when describing its efforts to promote the global use…\n","protected":false},"author":3,"featured_media":338199,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[9710,64,74,167036,17437,167039,167035,79,439,167034,22702,167037,102235,67,132,68,15393,167038],"class_list":{"0":"post-338198","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-beijing","9":"tag-business","10":"tag-china","11":"tag-chinese-currency","12":"tag-communist-party","13":"tag-currency-swap-deals","14":"tag-ding-shuang","15":"tag-economy","16":"tag-financial-markets","17":"tag-global-currency","18":"tag-peoples-bank-of-china","19":"tag-society-for-worldwide-interbank-financial-telecommunication","20":"tag-standard-chartered","21":"tag-united-states","22":"tag-unitedstates","23":"tag-us","24":"tag-us-dollar","25":"tag-yuan"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115451430543870289","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/338198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=338198"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/338198\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/338199"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=338198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=338198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=338198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}