The Central China Bank revealed the steps to increase the Yuan bond market in Hong Kong

The Chinese central bank will launch further steps to support the development of Yuan Chinese bonds in Hong Kong and accelerate the use of its currency globally, said a senior official on Thursday.

The comment came when Beijing increased efforts to international international in the midst of increasing geopolitical tensions and trade friction with the United States.

The central bank will support foreign institutions in conducting a repo business to improve the efficiency of the use of Yuan bonds, said Zou Lan, Deputy Governor of the Rakyat Chinese Bank (PBOC).

“The global impact and the appeal of the Chinese bond market have greatly increased in recent years,” he told the forum which was held jointly by the Hong Kong Financial Regulator.

“RMB bonds offer high diversification values ​​for investment portfolios from the perspective of risk of risk.”

Zou also mentioned plans to expand a collection of market -making swaps, improve management for supply providers, and raise daily net trade limits to 45 billion yuan ($ 6.3 billion) from 20 billion, to help manage interest rate risks.

Authorities will work to supply more high -coastal yuan assets in the Hong Kong market and accelerate preparation for the launch of government bonds that are interested in the time there, Zou added.

The steps taken this year to deepen financial cooperation with Asian financial centers including the launch of cross-border payment links and expansion of connection bond schemes to enable more land institutions to invest abroad.

In June, PBOC Governor Pan Gongsheng told a meeting that he expected from the US dollar -based global monetary system which will mostly become multipolar.
Source: Reuters