China will further facilitate cross-border use of the renminbi by promoting pilot programs to boost trade and investment, making it possible for more foreign central banks and monetary authorities to hold the currency as a reserve asset, according to a report from the nation's central bank. After a decade of the currency's internationalization, Chinese policymakers expect that the allocation of RMB assets by foreign investors will be further facilitated, and domestic financial market transactions by foreign investors will keep growing rapidly. Cross-border use of the RMB has sustained rapid progress and maintained robust growth this year, even amid the impact of the COVID-19 pandemic, which has severely hit global trade, finance and the economy, analysts said, commenting on the report released late on Friday by the People's Bank of China. More than 70 central banks and monetary authorities worldwide have incorporated the RMB into their foreign exchange reserv...
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