China to expand yuan cross-border usage

The People's Bank of China said in a report Wednesday that the government will expand the currency's cross-border financing and investment channels. The central bank also said that cross-border usage of the yuan under the current account would be expanded.

The bank reported that by the end of 2015, the yuan had become the third most used financing currency for global trading. The central bank said the yuan is the fifth most used payment currency and fifth most used for forex trading.