China Central Bank pushes for cross-border RMB use
The RMB is the currency of choice for the BRICS New Development Bank. It is the fifth most used currency in the world [Xinhua]
The People’s Bank of China on Friday said that it encouraged cross-border and overseas use of the renminbi (RMB) currency to settle accounts and boost investment.
It acknowledged that Chinese banks have been looking to trade in offshore RMB and that there was a growing need for foreign-funded companies in China to be able to transfer investment revenue overseas.