China is considering allowing local commercial banks to participate in offshore yuan trade, the central bank said on Tuesday, as the country looks to project greater influence in the offshore currency market.
China has gradually loosened its capital controls in efforts to promote international use of its currency, but domestic banks can only participate in the offshore market through overseas subsidiaries, with trading kept separate from the tightly-controlled domestic yuan market.
The People's Bank of China (PBoC) said in a post on its microblog on Tuesday that it was studying the possibility of letting local commercial banks trade directly in offshore yuan in order to increase the two-way opening up of the foreign exchange market.
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China has gradually loosened its capital controls in efforts to promote international use of its currency, but domestic banks can only participate in the offshore market through overseas subsidiaries, with trading kept separate from the tightly-controlled domestic yuan market.
The People's Bank of China (PBoC) said in a post on its microblog on Tuesday that it was studying the possibility of letting local commercial banks trade directly in offshore yuan in order to increase the two-way opening up of the foreign exchange market.
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