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China strengthens yuan through domestic-international linkage
China has taken a step to enhance the global prominence of the yuan by narrowing the gap between its domestic and external currency markets. The People's Bank of China permitted six of the country’s largest banks to conduct foreign yuan transactions directly from within China, facilitating liquidity management and promoting the internationalization of the currency. Data showed that transaction volumes rose to 43 billion yuan on the first day after the change, compared to a previous average of 12 billion yuan. This measure aims to reduce exchange rate disparities and increase the central bank’s influence in currency pricing, as part of ongoing efforts to expand the yuan's global use without fully liberalizing the capital account.
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