China will expand the international use of the renminbi and effectively implement monetary policy tools designed to support the capital market, according to a State Council report submitted for deliberation by the Standing Committee of the 14th National People's Congress on Tuesday.
The report on financial work called for encouraging more foreign financial institutions and long-term capital to enter the Chinese market, while accelerating the development of an independent and controllable cross-border RMB payment system as part of efforts to deepen financial reform and advance high-standard opening-up.
To prudently address risks in key areas, the report stressed making effective use of monetary policy tools designed to support the capital market and providing financial support for the market-oriented transformation of local government financing platforms, Xinhua News Agency reported.
