Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Feb. 26 (Xinhua) — The People's Bank of China (PBOC, the central bank) on Thursday pledged to support standard cross-border interbank financing operations in yuan between domestic and foreign banking institutions.
According to a notice released by the Chinese central bank on Thursday, this support is intended to enhance capital account openness, stimulate the development of the offshore yuan market, and improve macroprudential regulation of cross-border capital flows.
Cross-border RMB interbank financing is an important channel for Chinese banks to provide RMB liquidity to the offshore market and to facilitate the cross-border use of RMB.
The PBOC's notice covers various types of cross-border interbank financing in RMB and sets relevant parameters for macroprudential regulation, allowing for countercyclical adjustments based on market conditions.
The central bank stated that it will steadily advance the implementation of the measures outlined in the notice to effectively utilize the positive role of cross-border interbank financing in serving the real economy and promoting the healthy development of the offshore yuan market. –0–
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