Yuan Up on Talk of Opening Markets

Newspaper article on internationalizing the currency quotes PBOC official.

The yuan strengthened the most in a month as China’s efforts to free up its domestic markets to global investors spurred speculation the currency will advance.

Now is a good time to open up the capital account to speed up the internationalization of the yuan, the Financial News reported today, citing Xu Zhong, deputy director of the financial markets department of the People’s Bank of China. China will work to accelerate approvals of qualified foreign institutional investors looking to buy local securities, according to a statement on the State Administration of Foreign Exchange’s website yesterday.

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