PBOC to speed up yuan internationalization

THE People's Bank of China (PBOC) has vowed to further strengthen coordination between the yuan and foreign currencies, and improve basic institutional arrangements for the cross-border use of the yuan, in a bid to accelerate the internationalization of the yuan and enhance the high-level opening up of the financial sector, according to a report released on the official website of the PBOC on Thursday.

The efforts came amid China's vigorous plan to establish itself as a global financial powerhouse, a move that experts say will align with and shore up the high-quality development of the country's real economy. Both endeavors will contribute to the long-term goal of China's comprehensive modernization and its high-quality development across all sectors.