China has transferred funds from its international reserves, held with the Peoples’ Bank of China (PBC) to a new company, Central Huijin Investment Company (CHIC), set up in 2003 and jointly managed by the government, PBC and the State Administration of Foreign Exchange. In the PBC's balance sheet, the said amount of reserves was replaced by claims on the CHIC.
there are non-residents who are willing to hold an unhedged exposure to that currency. China has made some progress in this area, but, to date, that progress remains relatively limited. There have, for example, been some reports of non-residents issuing RMBdenominated bonds in the offshore market and swapping the proceeds into their home currencies.