Beijing promises further internationalization of the yuan and a free trade

China will continue to promote the internationalization of the renminbi, as well as free trade and investment, Vice Chairman of the People's Bank of China Fan Yifei said on Thursday.
The head of the regulator is sure that achieving sustainable economic growth and maintaining financial stability will create a good basis for the internationalization of the renminbi, the Central Bank's website said.
However, the process will be long, and the decisive role will be played by market forces, he said at a conference in Sydney.
The head of the central bank of Australia, Philip Lowe, on Thursday commented on the statement of the Chinese colleague, calling the internationalization of the yuan entailing significant consequences for the global financial system.
Fears of further weakening of the yuan and slowing the world's second largest economy prompted investors to withdraw funds abroad. In response, at the end of 2016 and early 2017, Beijing imposed restrictions on capital outflow, which influenced the pace of internationalization of the national currency. However, the weakening pressure of capital outflow helped to stabilize the yuan this year, while the country's foreign exchange reserves again exceeded the key $3 trillion mark.