Below is the quote from Rajrishi Singhal
Rajrishi Singhal, senior Geo-Economics research fellow with Indian think tank Gateway House based in Mumbai, told Xinhua that the PBOC is signalling with this two-stage devaluation that it is moving the RMB closer to an exchange rate determined by the market.
“China has been steadily working on internationalizing the yuan through various measures such as establishing RMB clearing infrastructure in major global trading centers,” Singhal said, adding that this move would help the currency to be used by the International Monetary Fund to calculate the value of SDRs and counted among the major currencies in the world.
CLICK HERE TO CONTINUE READING THE ARTICLE ON XINHUA
The quote also appeared in various other publications, in English and Chinese, including Xinhua Chinese, China.org, China Daily, Finance Huanqiu, Gov.cn, Financial News, among others.