China forms new department for forex
According to a statement on the People’s Bank of China website, the division is tasked with implementing currency policy, including developing an offshore renminbi market as the currency becomes more internationalised. No timeline was given for the development of the offshore market. It is rumoured that Wang Yu, currently deputy director of the monetary policy department at the central bank, might head the new foreign exchange department.
The restructuring at the central bank comes on the heels
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