China reaffirms that it is to steadily promote the internationalisation of the yuan

Comments via Chinese state media, Xinhua

  • China will increase two-way fluctuations of the yuan
  • China is to improve market-based currency formation mechanism
  • China will deepen market-based interest rate reform
  • China to allow foreign controlled companies in more sectors
  • China to ease market access in the services sector
  • China will minimise direct interference from government on micro-economic activities
Some interesting remarks being communicated at an interesting time. If anything, I would argue that this repeated pledge to further open up its economy and financial markets is to reassure investors that the overall landscape has not changed.
In the big picture though, you have to wonder how the amount of nationalism and xenophobia brought about by the coronavirus crisis is going to translate into business/investment decisions of many companies from all countries across the world.