China to work with Asian nations to grow use of local currencies in trade

Last month, the People's Bank of China (PBOC) extended a bilateral currency swap pact with Bank Indonesia for three years to deepen financial cooperation and promote investment

China will work with Asian countries to beef up use of local currencies in trade and investment, Yi Gang, the governor of the central bank, said on Wednesday, as part of plans to strengthen regional economic resilience.

Recent years' progress by emerging Asian nations in using local currencies in trade and investment has strengthened the region's financial safety net against external shocks, Yi told an event of the G20 grouping.

"Emerging markets should improve their resilience," Yi said by video at the event hosted by Indonesia. "This is where regional co-operation has a key role to play." Bilateral currency swaps among the