China's Central Bank released the 2020 RMB Internationalization Report recently.
The report pointed out that in the future, the central bank will continue to be guided by serving the real economy, adhere to the principle of marketization, and steadily promote the internationalization of the RMB.
The first is to insist on market-driven mindset, explore and promote a higher level of trade and investment facilitation, continue to eliminate obstacles restricting the use of RMB at home and abroad, and create a level playing field for RMB and other major convertible currencies.
The second is to continue to promote the opening of the domestic financial market and the interconnection of infrastructure, further facilitate foreign investors to use RMB to invest in domestic bonds and stocks.
The third is to guide the healthy development of the offshore RMB market, raise the level of free use of RMB, and promote healthy interaction and in-depth integration between offshore and onshore markets.
The fourth is to improve macro-prudential management, strengthen the monitoring, analysis and early warning of cross-border capital flows, make counter-cyclical adjustments, and prevent risks in cross-border capital flows.