China will further expand the use of renminbi in cross-border trade settlements, accelerate the convertibility of capital accounts that are in the Chinese currency and widen the floating range of the exchange rate in an orderly manner, said Hu Xiaolian, deputy governor of the People's Bank of China.
In 2013, China continued to expand its cross-border renminbi business and monetary cooperation while improving its exchange rate mechanism, Hu said at a meeting on cross-border renminbi business from Feb 17 to 18.
She emphasized that the PBOC should provide more cross-border renminbi services this year. It should also keep improving cross-border business innovations and promote those businesses in step with financial reforms, including the marketization of interest rates and the opening-up of the financial market.
While stimulating banks and enterprises, the PBOC should guide the healthy development of cross-border renminbi business and strengthen efforts in risk monitoring and analysis, she said.
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