PBOC’s Yi: China prioritizing full convertibility of its currency

South China Morning Post reporting comments from the PBOC deputy governor Yi Gang, commenting on convertibility of its currency and international trade barriers.

Key Quotes via Bloomberg:

"We have to work on removing existing barriers for the internationalisation of the renminbi so that we can make the renminbi a freely useable currency" 

Renminbi exchange rate reform will be a "market-driven" process based on the needs Chinese companies and households.

The PBOC intends to allow "better service for offshore renminbi transactions" including easier payment infrastructure and issuance of more licenses for foreign institutions to underwrite and settle renminbi-denominated bonds, also known as "Panda bonds"