(Bloomberg) -- China’s central bank said President Xi Jinping’s idea of a “powerful currency” is one that is stable and easy to use, as it pledged to play a key role in developing a competitive financial system and supporting the top leader’s strategy. 

A strong currency should have a stable value domestically, and maintain an exchange rate that’s “basically stable” and at a “reasonable, equilibrium level” externally, Tao Ling, Deputy Governor of the People’s Bank of China, said in an interview published by the central bank Thursday. 

The currency should also be easy, efficient and safe to use, she added. It should be widely used in international markets for payment, financing and reserve purposes, Tao told the Financial News, which is managed by the central bank. 

Xi has urged efforts to build China into a financial power, including developing a strong currency and robust central bank. This underscores China’s efforts to bolster international use of the yuan, which is still underrepresented in global financial transactions compared to the size of its economy, partly due to strict capital controls and a lack of liquidity in yuan-denominated capital markets.

The PBOC will also establish a financial system that’s highly compatible with the country’s goal of building its technology prowess, Tao said. It will draft a policy document to better support tech firms with a focus on start-ups.

The comments are made in response to a recently-published book on Xi’s speeches related to finance over the years, according to the interview. It shows the Beijing’s continued focus on preventing any big swings in the yuan, even as depreciation pressure piled up in recent weeks.

The PBOC will push for greater use of the yuan globally by developing more hedging tools for yuan assets and promoting the capabilities of China’s homegrown payment and settlement system know as CIPS, Tao said. It will support foreign central banks and international institutions to issue so-called panda bonds in China, and improve a mechanism for issuing sovereign debt in offshore markets. 

The yuan has seen a steady rise in its global use, even though it’s still relatively small. The share of yuan payments via the Swift system for international settlement reached a record high of 4.7% in March.

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