PBOC calls for domestic yuan futures market to boost currency internationalisation

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China intends to build a strong onshore foreign-exchange market for the yuan, as the launch of exchange rate futures contracts for domestic investors is rapidly climbing up the work agenda of Beijing’s policymakers.

In a working paper released on Tuesday, researchers at the People’s Bank of China (PBOC) said that China should set up a yuan exchange rate futures market at an appropriate time and guide domestic entities to use offshore currency futures markets to hedge exchange rate risks.

China should improve the pricing mechanism of the onshore yuan market and study . . .

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