PBOC Official: Yuan denominated assets remain attractive for foreign investors
|Reuters is out with the latest comments from an official from the Chinese central bank, the People’s Bank of China (PBOC), citing:
"Yuan-denominated assets remain attractive for foreign investors.
6 trln yuan of cross-border yuan usage in the Jan-Sept period was for securities investments.
Cross border yuan usage in the Jan-Sept period exceeds 14 trln yuan, up 20% on year.
Yuan's internationalization is driven by market deregulation.
The biggest benefit of using yuan is to avoid currency exchange risks.
External trade frictions caused huge exchange rate fluctuations this year."
The above comments seem to add to the renewed upside in the Chinese yuan, with USD/CNY now shedding 0.2% to trade below 7.00 key level. The cross trades near 6.9960 at the time of writing.
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