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BOA Issued the CRI of May, 2016

Time:2016-08-12 16:56:51    Views:47335    Origin:Boao Forum for Asia

On July 26th, the Bank of China issued the Cross-border RMB Index (CRI) of May, 2016, which stood at 268 points, 14 points higher than April and 8 points lower than the end of last year.

The movement of this month’s index demonstrates the following things: the frequency of cross-border renminbi use has rebounded; the pressure on the liquidity in the offshore market has been somewhat eased; the renminbi deposit scale in Hong Kong market this month has rebounded; the offshore renminbi exchange rate is basically stable; the infrastructure for internationalizing renminbi is continuously improved. 

Recently BOA signed a bilateral currency swap agreement with the National Bank of Serbia, extending the coverage of such agreements to 35 nations and regions. The direct transaction between Rand of South Africa and Won of South Korea has been officially launched in the inter-bank foreign exchange market. The continuously improved infrastructure will provide strong support for the increasingly frequent use of cross-border renminbi over the long run.