RMB use to grow in Belt, Road economies

China will expand the use of the renminbi in countries and regions related to the Belt and Road Initiative by improving cross-border payment and settlement facilities for the currency, a People's Bank of China official said on Tuesday.

Yin Yong, deputy governor of the central bank, said at the CIC Forum 2017 in Beijing that there is potential for the Chinese currency to play a greater role in Belt and Road economies. CIC is the China Investment Corp, a sovereign wealth fund that manages part of China's foreign exchange reserves.

"There are more than 50 Belt and Road economies where the proportion of renminbi usage in cross-border transactions is lower than 5 percent, and there is potential for huge improvement," Yin said.