China central bank says yuan's reserve currency role will gradually emerge

FILE PHOTO: U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo

BEIJING (Reuters) - China’s central bank said global usage of the yuan will increase and its function as a reserve currency will gradually emerge.

The People’s Bank of China (PBOC) also said it will push forward with internalisation of the yuan and keep the yuan’s position stable in the global monetary system, according to a report posted on its website on Tuesday.

The International Monetary Fund added the yuan to its basket of reserve currencies last October, in addition to the U.S. dollar, the euro, the yen and the pound.

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill