Business / Economy

Yuan's internationalization a priority for China: Bloomberg

(Xinhua) Updated: 2015-10-23 16:50

BEIJING - China will renew its efforts to position the yuan as a global currency in the next five years, Bloomberg predicted on Thursday.

This may revive the yuan's exchange rate after August's devaluation, it said in a report, published with a key government meeting on the 13th five-year plan (2016-2020) set to kick off on Monday.

As of July, the yuan was the world's fifth-largest payments currency. Its 2.3 percent share reflected an eight-fold rise from the 0.3 percent share in December 2011, according to the report.

In 2016, China will set up more offshore yuan centers, extend stock connect to Shenzhen and widen the yuan's trading band, Bloomberg forecast.

Meanwhile, it said, more financial market reform will encourage risk-taking and stoke growth for small and medium-sized businesses. Industries may also be consolidated to raise competitiveness at home and abroad, and in part to curb carbon emissions.

The Communist Party of China Central Committee's three-day meeting from Monday will thrash out a plan outlining the country's intent and growth targets as it adjusts to a plateauing economy.

It posted a 6.9 percent growth year on year in the third quarter of 2015, lower than 7 percent in the first half of the year.

Hot Topics

Editor's Picks