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.