The Financial Times reported that China is to allow foreign central banks and overseas lenders to invest in its domestic interbank bond market, in a move to "encourage cross-border renminbi trade settlement" and "broaden investment channels for renminbi to flow back (to China)."
Beijing is trying to encourage use of the yuan in trade deals as part of a long-term plan to promote it as a reserve currency and reduce China's exposure to the US dollar, which is currently used for most Chinese trade.
