Rapid growth in cross-border yuan trade
Source: Xinhua |
April 2, 2011, Saturday
|
Print Edition
Print Edition
CHINA saw rapid growth in cross-border yuan trade settlements last year as more Chinese and overseas companies chose to pay and be paid in the currency, the State Administration of Foreign Exchange said yesterday.
Total cross-border yuan transactions hit US$58.7 billion, 13 times the amount in 2009. This was attributed to China's efforts to make the currency more international, the regulator said in its 2010 international payments report.
In June, the government expanded cross-border yuan trade settlement trials to a total of 20 provincial regions.
Overseas, the Chinese mainland decided to have cross-border yuan trade settlements with all countries and regions instead of the piloting Hong Kong, Macau and ASEAN nations.
The expanded scheme allowed 67,724 export-oriented companies in China to settle transactions in yuan, compared with 2009's 365. The mainland's cross-border yuan trade settlements with Asian countries and regions totaled US$53.4 billion last year.
China's foreign exchange reserves also grew by US$469.6 billion in 2010 to a record US$2.869 trillion, cementing its position as the world's largest country in terms of foreign exchange reserves. China's current account surplus reached US$305.4 billion last year, a rise of 17 percent over 2009.
Total cross-border yuan transactions hit US$58.7 billion, 13 times the amount in 2009. This was attributed to China's efforts to make the currency more international, the regulator said in its 2010 international payments report.
In June, the government expanded cross-border yuan trade settlement trials to a total of 20 provincial regions.
Overseas, the Chinese mainland decided to have cross-border yuan trade settlements with all countries and regions instead of the piloting Hong Kong, Macau and ASEAN nations.
The expanded scheme allowed 67,724 export-oriented companies in China to settle transactions in yuan, compared with 2009's 365. The mainland's cross-border yuan trade settlements with Asian countries and regions totaled US$53.4 billion last year.
China's foreign exchange reserves also grew by US$469.6 billion in 2010 to a record US$2.869 trillion, cementing its position as the world's largest country in terms of foreign exchange reserves. China's current account surplus reached US$305.4 billion last year, a rise of 17 percent over 2009.
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