The total holdings of onshore renminbi (RMB) bonds by foreign investors have exceeded 640 billion U.S. dollars, staying at a historically high level, according to the Administration of Foreign Exchange in Beijing on Tuesday.
At a press conference, Li Hongyan, deputy head of the administration, stated that China's financial market has made steady progress in opening up, with lavish attention given to foreign investment in China.
"Foreign investment in RMB assets has recently maintained a sound momentum overall. The overall yield rate of RMB bonds has remained robust this year, attracting increased allocation from foreign investors. So far, the total holdings of onshore RMB bonds by foreign investors have exceeded 640 billion U.S. dollars, staying at a high level. In terms of the structure of existing holdings, conservative investors such as central and commercial banks from abroad are the primary holders," Li said.
"Moreover, driven by the uptrend in the domestic stock market, net foreign purchases of domestic stocks have increased overall since late September, further strengthening the willingness of foreign investors to allocate RMB assets," she said.
Meanwhile, the proportion of RMB used in cross-border transactions worldwide is steadily increasing, enhancing its international influence and making it a critical option for global investors seeking diversified asset allocation, according to the official.
Foreign holdings of Chinese bonds stay at high level: official
World leaders will be deeply impressed by the rich culture and vibrant economy of Kazan, the capital city of Russia's Republic of Tatarstan, where the 16th BRICS Summit is set to take place from Tuesday to Thursday, said the city's mayor Ilsur Metshin.
Located along the Volga River, Kazan is one of the oldest cities in Russia and Eastern Europe, and it celebrated its 1,000th anniversary in 2005. With a population of 1.3 million, Kazan is the fifth largest city in Russia.
"Whoever visits Kazan will be deeply impressed by the city. Any city is made up of people, and many talented and hardworking people live a happy life in Kazan," said Metshin.
Kazan is an important cultural, educational, tourism and sports center of Russia. It is home to 34 museums, nine theaters, eight large concert halls, 51 libraries and 50 art schools for children. The city also regularly hosts large-scale cultural events such as opera festivals, classical ballet festivals, and film festivals.
There are 565 cultural heritage sites in the city which are under the protection at different levels, including the Leo Tolstoy museum and Vladimir Lenin's former residence. In 2000, the Kazan Kremlin complex was inscribed on the UNESCO World Heritage List.
Moreover, Kazan has been an important trade node since ancient times, and its economic growth ranks among the fastest in Russia. The city is also an important base for the Russian aviation industry.
"The aviation enterprises in Kazan are the pride of our country's manufacturing industry. Kazan's helicopter plant, petrochemical and information technology enterprises are the flagship projects that we are all proud of. They are not only the pride of our region's economic sector but also the pride of Russia as a whole," said Metshin.
Meanwhile, Kazan is the second most innovative Russian city after Moscow as there are 17 major laboratories and nine research centers in the city.
"We want to capitalize on the younger generation to maintain the leading role of Kazan and the Republic of Tatarstan," said the mayor. In the spring this year, Kazan hosted a new high-tech international tournament – the first-ever Games of the Future, featuring the combination of sports with artificial intelligence (AI).
The city has also hosted many other large-scale activities, including world championships, water sports events and university games.
BRICS is an acronym for Brazil, Russia, India, China and South Africa. The upcoming summit is the first to be held after the BRICS expansion in January when Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates were included into the bloc.
Kazan to impress BRICS Summit participants with rich culture, vibrant economy: mayor
