China to advance RMB internationalization

China will steadily advance the process of the renminbi's internationalization and the country will make its financial market more accessible to international investors in terms of product supply and trading mechanisms to achieve the goal of lifting the global profile of the Chinese currency, industry experts said.

The comments came after the People's Bank of China, the country's central bank, said in an article published on Sunday that it would further boost the global use of the renminbi, especially in cross-border trade and investment. The central bank also pledged to improve the liquidity of renminbi-denominated assets and simplify the process for foreign investors to enter the Chinese market.

The global profile of the renminbi will gradually rise as the nation's strength grows and its reform and opening-up agenda deepens, reflecting the international community's confidence in China's economic development, the central bank said.