The People's Bank of China (PBoC) on Tuesday threw open the doors to its interbank bond markets, granting access to central banks and commercial lenders overseas in a bid to encourage use of the renminbi.

The central bank said the pilot programme, which it announced on Monday, would "preserve and increase channels for cross-border trade" and promote the use of the renminbi. Central banks and some foreign lenders will gain access to China's vast interbank bond market, which saw Rmb17.24 trillion