China Should Raise Imports to Promote Yuan, Ex-PBOC Adviser Says

China should increase imports and settle them in the yuan to balance its foreign trade, a move a former central bank adviser says will boost the Chinese currency’s usage globally.

Foreign trade strategy for China requires major adjustment in the next five years, Liu Shijin, a former member of the People’s Bank of China’s monetary policy committee said in a speech last week. It’s necessary to achieve a basic balance between imports and exports, he said.