BEIJING Jan 13 China's central bank said it
will make preparations this year to launch a trial programme to
allow individuals to invest in overseas financial markets, a
move designed to strengthen the role of its currency abroad.
The People's Bank of China said in a statement posted on its
website that "related preparatory work" for a trial domestic
individual investor programme was one of its major tasks in
2013. It did not elaborate.
The bank said it would also press forward with a pilot
renminbi-denominated scheme, launched in late 2011, to allow
Hong Kong subsidiaries of China's fund houses and brokerages to
raise off-shore yuan in mainland capital markets.
The central bank said it would seek to strengthen the role
of the yuan on overseas markets this year by simplifying
cross-border settlement and auditing procedures.
It said it would also continue to promote bilateral currency
swaps and implement currency settlement agreements with other
(Reporting by David Stanway. Editing by Jane Merriman)