China’s yuan internationalisation strategy needs ‘persistent, strong foreign demand’

China should focus on increasing the soft power of the yuan as part of its internationalisation strategy, rather than looking solely at the liberalisation of its restrictions on the capital account, according to a senior government adviser.Renmin University vice-president Liu Yuanchun said China should look to drive demand for yuan-denominated assets to support internationalisation.“The strategic adjustment is not to turn to the capital account, nor make it fully open,” he told a closed-door…

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