China's New Push for Yuan Internationalization

China is set to enhance yuan usage in trade and investment through a new plan facilitating cross-border financial services. Lu Lei, deputy governor at the People's Bank of China, highlights the plan's potential to promote yuan internationalization by encouraging state-owned enterprises to prioritize yuan in global dealings.

China's strategic move to enhance the yuan's presence in global trade and investment is gaining momentum. A recent plan to streamline cross-border financial services was unveiled, aimed at integrating the currency more prominently in international markets.

Lu Lei, deputy governor of the People's Bank of China, emphasized the importance of this initiative. Speaking in Beijing, he noted that this action plan encourages state-owned enterprises to prioritize the use of yuan in their worldwide operations, offering a significant boost to its internationalization.

The plan reflects China's growing ambition to position the yuan as a key player in global finance, aligning with broader economic strategies to fortify its footing in the international monetary system.

(With inputs from agencies.)