Under its 14th five-year plan, China is aiming to build a multilayered capital market, and develop the links between domestic and overseas capital markets, which supports the inbound flows of overseas yuan and provides foreign entities a smoother channel for investment and financing. Photo: AP
China’s yuan could become world’s ‘currency of choice’ by 2050 under dual circulation plan
- Market entities will use yuan for cross-border purposes as China’s economy integrates with rest of the world, says ex-deputy central bank governor Hu Xiaolian
- China’s dual circulation plan places a greater focus on the domestic market, and is its approach to adapting to an increasingly unstable and hostile outside world
