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China central bank official says yuan internationalisation is market-driven

FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo

SHANGHAI (Reuters) - Internationalisation of China’s yuan is market-driven, a monetary policy official of China’s central bank said Tuesday, in a speech originally prepared for the central bank’s deputy governor.

“Yuan internationalisation is a natural process driven by the market, and its basic motivation is real demand from trade and investment,” said Huo Yingli, director general of the Monetary Policy Department II of the People’s Bank of China (PBOC).

She was speaking at a forum hosted by the PBOC and China’s State Administration of Foreign Exchange at the China International Import Expo.

PBOC Deputy Governor Pan Gongsheng was unable to make the speech in person due to official duties, according to the organisers of the forum.

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