RMB's role swells in overseas commerce

The ongoing internationalization of China's renminbi has become an important currency for cross-border trade and investment, according to company representatives and other experts during a forum held at the China International Import Expo on Tuesday.

Pan Gongsheng, deputy governor of the People's Bank of China, said the internationalization of the renminbi, which started in 2009, has provided more financing possibilities for import and export companies. Investment channels have been increased and the business environment has improved, Pan said.

Li Chenggang, assistant minister of commerce, said the internationalization of the renminbi has helped to lower costs and prevent foreign exchange risks. Meanwhile, investment and free trade have been greatly facilitated, he said.