PBOC Doubles Yuan Liquidity Facility in Hong Kong to Spur Global Use

China’s central bank pledged to double the quota of a key funding facility to bolster liquidity in Hong Kong’s offshore yuan market, signaling renewed efforts to internationalize the Chinese currency.

Zou Lan, a deputy governor of the People’s Bank of China, announced the expansion Monday at the Asian Financial Forum in Hong Kong. He said the central bank remains committed to enhancing the city’s role as a global offshore yuan hub.

The RMB Business Facility will see its cap raised to 200 billion yuan ($28.7 billion) from 100 billion yuan. The move tops a broader four-part initiative aimed at deepening financial integration and giving international investors more tools to access and hedge Chinese assets.