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

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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