The yuan rose to its highest level in two years even as Germany's central bank has decided to include China's currency in its foreign exchange reserves, Bundesbank board member Andreas Dombret said in a financial forum.
The European Central Bank converted, in June, 500 million euros (HK$4.8 billion) worth of its US dollar reserves into yuan.
Meanwhile, the vice-chairman of the China Securities Regulatory Commission, Jiang Yang, said the commission will continue to boost the yuan's convertibility with other major currencies and it will also boost further the connectivity between the Hong Kong and mainland markets.
It will strengthen cooperation between the two parties as they go out to the world through the issuance of qualified corporate bonds overseas, Jiang said.
The yuan's value is expected to rise in the long term. This year, the yuan is expected to rise to 6.28 against the US dollar.
Asian Infrastructure Investment Bank president Jin Liqun said at the financial forum that China could support the world's economic development.
International Monetary Fund first deputy managing director David Lipton said, however, China should loosen its trade and investment restrictions if it is seeking to play a leading role in globalization.
"We believe that effective and credible leadership in support of globalization also requires a willingness to recognize and address one's own shortcomings," Lipton said.
In other developments, Bank of East Asia (0023) has forecast China's GDP to expand by 6.7 percent to 6.8 percent this year.
Chan Tak-cheung, who heads BEA's currencies and interest rates trading, predicted the yuan's value to rise this year to 6.4 against the greenback.
Read Again Germans add yuan to forex reserves : http://ift.tt/2B1Hkq1Bagikan Berita Ini
0 Response to "Germans add yuan to forex reserves"
Post a Comment