China will seek to improve the flexibility of the yuan and will reduce restrictions on cross-border use of the yuan, central bank governor Yi Gang said today, CNBC reports. Yi said such moves were needed to promote the opening of the country’s financial services industry. He was speaking at the Bund Summit conference held in Shanghai. China will “improve flexibility of the yuan, and let exchange rates play a better role as an automatic stabilizer in the macro economy and international balance of payments,” he said. To promote yuan internationalization, China will further improve the infrastructure for cross-border use of the yuan, he said.

Source: The Standard October 24, 2020 05:15 UTC