China economy 2016 in ten key phrases
RMB goes international
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Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, March 30, 2016. [Photo/Agencies] |
China made steady progress in internationalizing its currency this year. The yuan's inclusion in the International Monetary Fund Special Drawing Right currency basket in October was a big step forward.
The Shenzhen-Hong Kong Stock Connect, the second link between exchanges on the Chinese mainland and Hong Kong, debuted Dec 5, a move believed to cement the yuan's status as a settlement currency.
Although the central parity rate of the Chinese currency has weakened by more than 6 percent against the US dollar this year, it remains relatively stable against other major currencies.
