China should leverage its vast purchasing power to increase imports settled in yuan and move toward a more balanced trade structure, a former central bank adviser suggested, highlighting a potential boost for the currency’s internationalisation.
The recommendation comes years after Beijing began promoting yuan settlement in 2009, initially allowing selected exporters to receive payments in the Chinese currency.
“China is the world’s largest goods exporter, but the yuan’s international standing still lags far behind,” said Liu Shijin, former vice-minister at the Development Research Centre of the State Council, according to the state-owned Securities Times.
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Insights
What are the origins of yuan settlement in global trade?
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