ttt222 Post time 2011-8-23 22:43:30

China extends yuan trade settlement to whole country

China announced on Tuesday that all parts of the country are able to use its national currency, the yuan or Renminbi, in cross-border trade settlements.

Previously, only 20 provincial regions in the country could conduct cross-border trade settlements in yuan.

The policy was announced by the People's Bank of China, the country's central bank, and five other financial authorities.

The extension is a crucial step in boosting cross-border use of yuan, which is stated in the country's 12th Five-year Plan (2011-2015), and will better serve enterprises' needs and further facilitate trade and investment, the central bank said in a statement on its website.

The move came after an announcement made by Vice Premier Li Keqiang last week that the government would extend cross-border trade settlement in yuan to the whole country.

Analysts said encouraging the use of yuan in cross-border trade settlements indicates China's ambitions of pushing forward the internationalization of the yuan.

philo09 Post time 2011-8-23 23:46:45

That is a good move that will reduce the use of dollars and save the companies involved from being ripped off for exchange charges.

Mishao Post time 2017-8-24 01:26:18

Sound idea.
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