China central banker pushes banks to expand along Belt and Road

More branches could ease yuan transactions and internationalize currency

20230928 Chinese yuan

A senior official at the People's Bank of China wants the country's financial institutions to open more branches overseas to better serve Chinese companies. © Reuters

DING FENG and DENISE JIA, Caixin

A senior central banker called for Chinese banks to set up branches in the Belt and Road region to provide comprehensive services where Chinese businesses have investments.

Chinese banks tend to focus on global financial centers such as Tokyo, New York and Singapore, but countries participating in the Belt and Road Initiative are where they should offer a full range of services to Chinese enterprises, said Zhou Chengjun, director of the finance research institute at the People's Bank of China, at a financial forum on Tuesday in Beijing.

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