In May 2022, the Executive Board of the International Monetary Fund (IMF) concluded its quinquennial review of Special Drawing Rights (SDR) valuation, raising the weighting of RMB from 10.92 percent to 12.28 percent, which marked an important step forward in RMB internationalization. To implement the guidelines of the 20th CPC National People’s Congress and the Central Economic Work Conference and promote the high-level opening-up, the People’s Bank of China (PBC) and State Administration of Foreign Exchange (SAFE) decided to extend the trading time for the interbank foreign exchange market to 3:00 a.m. from January 3, 2023, in an attempt to cover more trading hours on Asian, European and North American markets. The adjustment will expand the depth and width of domestic foreign exchange market, promote the coordinated development of onshore and offshore foreign exchange markets, provide more convenience for global investors and enhance the attraction of RMB assets.
The PBC and SAFE will continue to press ahead with high-level opening-up, further deepen the development of foreign exchange market, and focus on establishing an open, diversified and well-functioning foreign exchange market with orderly competition to better serve the high-quality development of the real economy.
