China announced new money-market measures to broaden the use of its currency among entities like foreign central banks and sovereign wealth funds.
The People’s Bank of China will use the Foreign and International Monetary Authorities repurchase agreement facility to provide yuan liquidity to overseas central bank-type institutions, according to a statement on its website. Such a facility would allow users post their Chinese government bonds and other PBOC-approved securities holdings as collateral in exchange for yuan.
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