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[size=36]China calls for accelerated yuan conversion of world currency[/size]
Economy | 02:55 - 06/07/2019
Follow up - Mawazine News
China's Export and Import Bank Chairman Hu Xiaolian called on Saturday to speed up reforms aimed at turning the Chinese currency into a global currency and warned that external risks linked to global trade protection could hurt the financial sector.
"There have been barriers in terms of trade, investment, inter-firm cooperation, technology exchange and so on. This makes us really fear that the financial sector, which is fueling the economy and an important supporter of globalization, will be adversely affected," she said.
China is locked in a trade war with the United States, which has led to the exchange of goods by the two countries for hundreds of billions of dollars. The US administration also tightened control over Chinese companies, including telecom giant Huawei, which was barred from entering the US market and effectively curtailed its ability to buy US technology.
The change in the trade and investment environment points to the country's need to better plan for any potential problems, Hu said.
"I think the pace of converting the yuan into a global currency should move at a faster pace," she said.
China's currency conversion to a global currency has suffered a setback since 2016 due to tougher government restrictions to curb overseas capital outflow under the yuan's weakness.
Hu stressed the need to strengthen the ability of the Chinese financial sector as a whole to compete as a precondition for the Chinese currency to become global, including efforts to modernize financial institutions, expand opening and financial modernization and remove distortions in loan pricing.
"There have been barriers in terms of trade, investment, inter-firm cooperation, technology exchange and so on. This makes us really fear that the financial sector, which is fueling the economy and an important supporter of globalization, will be adversely affected," she said.
China is locked in a trade war with the United States, which has led to the exchange of goods by the two countries for hundreds of billions of dollars. The US administration also tightened control over Chinese companies, including telecom giant Huawei, which was barred from entering the US market and effectively curtailed its ability to buy US technology.
The change in the trade and investment environment points to the country's need to better plan for any potential problems, Hu said.
"I think the pace of converting the yuan into a global currency should move at a faster pace," she said.
China's currency conversion to a global currency has suffered a setback since 2016 due to tougher government restrictions to curb overseas capital outflow under the yuan's weakness.
Hu stressed the need to strengthen the ability of the Chinese financial sector as a whole to compete as a precondition for the Chinese currency to become global, including efforts to modernize financial institutions, expand opening and financial modernization and remove distortions in loan pricing.
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