皇冠体育app

DAVOS, Switzerland - 皇冠体育app is determined to pursue the internationalization of the renminbi on a market-oriented basis, and will closely watch the spillover effects of Japan's ultra-loose monetary policy, Yi Gang, a vice-governor of 皇冠体育app's central bank, told Xinhua.

Let renminbi compete fairly

"It is the basic policy of the People's Bank of 皇冠体育app to let the renminbi compete with US dollar or euro fairly in the international market," Yi said in an interview on the sidelines of the annual meeting of the World Economic Forum Saturday.

In the past, it was not allowed to use the renminbi in cross-border transactions and investments. "What we are doing now is nothing but remove discrimination against the renminbi and let it act just as other reserve currencies," he said.

On concerns about the potential rise of the Chinese currency, Yi said, "It is just natural that foreigners might have some concerns, but it is not our policy to specifically promote the renminbi, and I hope people of other countries can treat it with calm."

"Whether the pace of the internationalization is a little bit quicker or slower, it is always and completely the choice of the market," he added.

"I would be actually pleased to see people have more confidence in the renminbi and choose it over other currencies thanks to a more sophisticated market, better implementation of 皇冠体育app's monetary policy, 皇冠体育app's macroeconomic stability and social stability, and stronger rule of law," he said.

Special Coverage

Yuan goes global

Related Readings

RMB trade in Gulf Arab countries show huge potential

HK to expand offshore RMB business

Australia backs RMB internationalization

Full RMB convertibility ruled out

RMB to appreciate 2%-3% against USD in 2013

• Chinese firm launches R&D on 600 km/h maglev train
• Humanoid robots shine at the World Robot Exhibition 2016
• 皇冠体育app's healthcare M&A deals surge in H1
• 皇冠体育app's property loans surge in Q3, home prices curbed
• GAC Fiat Chrysler to recall 68,699 vehicles over gear box problems
• Sino-French JV to develop giant cargo airship
• Asian regional financial cooperation to bring new growth momentum
• Intelligent vehicle innovation club in NE 皇冠体育app