Overseas entities currently hold more than 11 trillion yuan (about 1.64 trillion U.S. dollars) in onshore renminbi (RMB)-denominated financial assets, Lu Lei, deputy governor of the People's Bank of China (PBOC), the country's central bank, said on Thursday.
At a press conference in Beijing, Lu said that because of the steady opening up of the country's financial market, the global appeal of RMB-denominated assets has increased.
"At present, statistics show that overseas entities hold more than 11 trillion yuan in RMB-denominated financial assets in China, central banks or monetary authorities in more than 80 countries and regions have included the renminbi in foreign exchange reserves, and cumulative panda bond issuance has exceeded 1.3 trillion yuan, with issuers from 26 countries and regions across five continents," he said.
Overseas entities hold over 11 trillion yuan in onshore RMB financial assets: PBOC
Algeria on Thursday announced that it will close its airspace to civilian and military aircraft registered in the United Arab Emirates (UAE) from Friday, following the decision to sever diplomatic relations with the UAE.
Algeria's Ministry of National Defense said in a statement that commercial civilian flights operating between the UAE and Houari Boumediene International Airport in Algiers are exempt, and will be permitted to continue until the end of 2026, when the contract expires.
Algeria announced earlier Thursday that it would sever diplomatic relations with the UAE after "exhausting all avenues" to preserve their ties.
Citing a foreign ministry statement, the official state news agency Algeria Press Service (APS) said Algeria had shown "great restraint and a high sense of responsibility" in response to what it described as increasingly "provocative or hostile actions" by the UAE.
"Despite repeated warnings and calls for the UAE to consider the serious consequences" of its conduct, the ministry said, the UAE had persisted in actions that had reached "the limits of what is admissible or tolerable."
The ministry said the UAE ambassador was received at its headquarters on Thursday and formally notified of the decision, with a 48-hour deadline to comply.
Although the reason for cutting diplomatic ties remains unclear, Algerian media outlets have accused the UAE in the past of seeking to fuel regional tensions.
Algeria closes airspace to UAE-registered aircraft after cutting diplomatic ties
