People's Bank of China Governor speaking on Saturday at the Bund Summit conference held in Shanghai:
- says will work to improve the currencies 'flexibility, "and let exchange rates play a better role as an automatic stabilizer in the macroeconomy and international balance of payments"
- will reduce restrictions on its use internationally, improve the infrastructure for cross-border use of the yuan
- doing so will assist in opening China's financial services industry further
Report comes via Reuters.
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China has plans to promote the yuan's use as a reserve currency.