China says yuan’s global rise is ‘irreversible’ – and has a strategy to back it up

Chinese financial authorities have pledged further steps to expand the yuan’s global use amid a broader de-dollarisation trend, while vowing to make listing on mainland stock exchanges the “primary” choice for top-tier domestic companies. “The internationalisation of the yuan is a continuous and steady process, and an irreversible trend,” said Lu Lei, deputy governor of the People’s Bank of China (PBOC), at a press conference on Thursday. To meet growing demand from market participants seeking...