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China will give access to the Central Bank foreign currency market
The Chinese authorities are planning to open access to foreign central banks on the domestic foreign exchange market.     As reported by Bloomberg, the country's foreign exchange controls will facilitate the access of foreign banks to assets denominated in Renminbi, for increasing internationalization of its currency. It should also be noted that such a measure can aim to reduce pressure on the yuan to help attract foreign currency funds of central banks. According to an expert from the Agricultural Bank of China Banny Lam, these measures will help reduce the costs of central banks, which previously I had to use the local Chinese banks. "The participation of foreign central banks in the formation of offshore renminbi exchange rate will help boost its recognition in the world" - said the expert. At the same time, currency strategist at the Singapore branch of Australia & New Zealand Banking Group Irene Cheung believes that such measures of the People Bank of China will not significantly increase the volume of foreign investments and achieve increase in the inflow of foreign currency, as the high volatility in the stock markets of the country still deters investors. Earlier, the PBOC has decided to allow placement of bonds denominated in yuan in mainland China to a wider range Foreign commercial financial institutions. Thus, foreign issuers will no longer be required to post bonds through registered company in China. In addition, the Chinese regulator has simplified access to central banks, sovereign funds and international financial institutions to the market Interbank bond trading. Now Bond and trade swaps on interest rates, as well as to enter into repo transactions do not require the prior authorization, and you only need to fill out a registration form. China opens its markets under the expanded use of the yuan over the world and converting it into a freely convertible currency. The internationalization of the Chinese national currency could help its inclusion in the SDR basket and the International Monetary Fund to make the yuan an international reserve currency. SDR (special drawing rights, special drawing rights) - the monetary unit used in the calculations with the IMF

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