PBOC sees growing global role for yuan

The People's Bank of China, the central bank, plans to accelerate the launch of its international payment system, with the first phase of the rollout by the end of this year, according to a report on its website.

This system will be located in Shanghai, the central bank's former deputy governor Liu Shiyu said earlier, and will enable foreign banks to be part of the yuan clearing business.

The steps will also accelerate yuan's internationalization by creating a bigger and more diverse group of clearing banks, making the yuan clearing process cheaper, which is very important, said experts.