FXStreet (Mumbai) – Speaking at a World Economic Forum (WEF) in Dalian, China’s Prime Minister Li Keqiang said that China plans to allow foreign central banks into its interbank currency market, although he didn’t indicate any time frame or details of the measure.
The decision follows an earlier decision from March to allow some foreign investors into the interbank bond market.
Key Quotes:
“Not long ago, we allowed foreign central banks to participate in the interbank bond market.”
“The next step is to allow foreign central banks to directly participate in the interbank foreign-exchange market. Before the end of this year, we will complete the cross-border yuan payment system that facilitates the development of the offshore yuan market.”
(Market News Provided by FXstreet)