Singapore and London are playing an increasingly important role in the adoption of the Chinese currency in global payments outside Hong Kong, said global transaction services organization SWIFT.
People's Bank of China governor Zhou Xiaochuan has vowed to further liberalize capital account controls this year in an apparent bid to convince the International Monetary Fund to recognize the renminbi as an international reserve currency.
China has allowed trade of two new types of stock index futures on the China Financial Futures Exchange (CFFEX) next month.
China’s Shanghai Futures Exchange will launch nickel and tin futures trading on March 27, 2015.
The Chinese government policy that requires commercial banks to obtain “secure and controllable” information technology equipment potentially puts Beijing in a tough position with major trading partners, the Financial Times reported.
China Securities Regulatory Commission is talking with at least 30 large global institutional investors in the US to invest in China-listed shares, while lobbying for mainland stocks’ inclusion in key global indices such as the MSCI and FTSE.
China is expected to launch in the second half this year its much-awaited international payment system that can process cross-border yuan transactions, removing one of the biggest hurdles in internationalizing the Chinese currency, Reuters reported.
China will allow local governments to convert up to 1 trillion yuan ($160 billion) in debt into low-interest municipal bonds in a bid to ease the country’s massive debt burden.
Hong Kong’s upcoming cross-border stock trade with Shenzhen will include stocks on the high-growth small and medium enterprise (SME) board, and also possibly stocks listed on ChiNext, a NASDAQ-style board.
As part of reforms that will permit financial institutions to conduct mixed businesses, China plans to issue banks with brokerage licenses, Reuters reported.