PBOC to enhance global presence of RMB, manage risks

A staff member of the Bank of Communications demonstrates the use of the online wallet of digital RMB at the Happy Valley Beijing theme park in Beijing, capital of China, June 16, 2021. (Xinhua/Chen Zhonghao)

BEIJING, Jan. 8 (Xinhua) -- China will boost the internationalization of the RMB, guard against systemic risks, and foster a sound monetary and financial environment, according to the country's central bank.

China will improve the basic institutional arrangements and infrastructure for cross-border RMB use, and enhance its ability to serve the real economy and promote high-quality development, People's Bank of China official Li Bin told Xinhua in an interview.

The country aims to promote the comprehensive institutional opening-up of financial markets in a steady and orderly manner, enrich risk-hedging tools, and build a more friendly and convenient investment and financing environment, Li said.

Official data shows that in the first 11 months of 2023, cross-border RMB transactions amounted to 48 trillion yuan (about 6.76 trillion U.S. dollars), up 24 percent year on year.

China will strengthen counter-cyclical and cross-cyclical adjustments, and create a good monetary and financial environment for high-quality economic development, according to the central bank.