PBOC’s Liu: China to advance orderly opening-up of financial sector

China will resolutely push forward the opening-up of the financial sector in an orderly manner, Liu Guoqiang, Vice Governor of the People's Bank of China (PBOC), told journalists at a press conference in Beijing.

Additional quotes

“The country will promote the full implementation of the pre-establishment national treatment plus negative list management system for foreign investment, as part of efforts to create a fair, just and non-discriminatory business environment.”         

“The country's financial opening-up is running at full tilt despite the changing international environment and coronavirus-induced shocks.”

“The internationalization of the Chinese currency renminbi (RMB), or the yuan, has seen sound momentum.”

Market reaction

The above comments seem to have little to no impact on the Chinese yen, as USD/CNY trades on the back foot around 6.9040 amid PBOC liquidity injections and cautious market mood.