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China must loosen capital curbs to boost international use of yuan, says former bank executive

Summary:
[unable to retrieve full-text content]China needs to increase international use of its currency so that it can lift the yuan’s share of international payments, according to a former senior executive at one of China’s big four banks.Despite China’s growing influence in the global economy and trade, there is a “big gap” when it comes to the use of the yuan in foreign trade, investment, and financial transactions, said Wang Yongli, a former vice-president with the Bank of China and a former board member for Swift, the international…

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[unable to retrieve full-text content]
China needs to increase international use of its currency so that it can lift the yuan’s share of international payments, according to a former senior executive at one of China’s big four banks.Despite China’s growing influence in the global economy and trade, there is a “big gap” when it comes to the use of the yuan in foreign trade, investment, and financial transactions, said Wang Yongli, a former vice-president with the Bank of China and a former board member for Swift, the international…

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