The People’s Bank of China’s (PBOC) is reconsidering its strategy for the internationalization of the yuan and planning for more government support measures, Zhu Jun, Director General of the Chinese central bank’s international division, said at the Bund Summit in Shanghai over the weekend.
Key quotes (source: Bloomberg)
“As everybody knows in the past, the internationalization of the RMB (yuan) sticks to the market principles.”
“The role of the authorities was mainly focused on removing the policy obstacles for the free use of the currency. At this moment, we think there are some kinds of complications in the domestic and overseas situations.”
“The government can be more proactive with policy support to facilitate the role of the markets.”
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