China to Expand Yuan Cross-Border Financing and Investment Channels, Reports Reuters

China is set to further enhance cross-border financing and investment opportunities for the yuan, according to an announcement from the central bank. The People’s Bank of China stated its intentions to broaden the yuan’s cross-border usage under the current account and to increase the yuan’s role as a reserve currency in its report on the currency’s internationalization.

Additionally, the yuan is poised to be included in the International Monetary Fund’s special drawing rights basket this coming October, marking a significant milestone for the currency.