In particular, turnover is likely to be bolstered by measures taken by the PBC to increase trade settlement and investment in RMB, as well as the various exchange rate initiatives that the PBC has taken since 2013.
This includes increasing the flexibility of the RMB against the US dollar, with the trading band being widened to ±2 per cent from early 2014 and, more recently, the adjustment last August to the methodology for calculating the daily RMB fixing rate to make it more market-determined.