Financial opening set to benefit renminbi

China will promote financial market opening-up at an institutional level comprehensively as part of its steady efforts to boost the global use of the renminbi, the People's Bank of China, the country's central bank, said on Sunday.

The PBOC vowed in an article to steadily advance renminbi internationalization by improving the liquidity of renminbi assets, simplifying the process for foreign investors to enter the Chinese market, enriching the scope of assets available and facilitating central bank allocation in renminbi assets.

The global profile of the renminbi will gradually rise as the nation's strength grows while its reform and opening-up agenda deepens, reflecting the international community's confidence in China's economic development, the article said.

The PBOC will facilitate the use of the renminbi in cross-border trade and investment, advance local currency swaps and settlement with other central banks and boost liquidity in offshore renminbi markets, the article added.

During the January-August period, China's cross-border renminbi receipts and payments in non-banking sectors reached 27.8 trillion yuan ($3.91 trillion). This marked an increase of 15.2 percent year-on-year and accounted for 49.4 percent of the total value of receipts and payments during the period.