China's central bank has studied allowing commercial banks to participate in the offshore yuan market, according to an official microblog post from the People's Bank of China (PBOC) on Tuesday.

 

The PBOC said it was studying the issue in order to increase the two-way opening up of the foreign exchange market.

 

China's foreign exchange regulator, which is part of the central bank, said in April it will take steps to develop its currency trading systems and promote the unification of yuan exchange rates on onshore and offshore markets.