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August 8, 2009

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Home » Business » Economy

20 firms begin yuan trade plan

More than 20 of some 400 companies in a trial scheme to settle cross-border trade in yuan have started doing so, the central bank said yesterday, adding that more firms have applied to join it.

The People's Bank of China is offering training to the remaining companies, Su Ning, vice governor of the central bank, said yesterday in Beijing.

The first cross-border transaction using the yuan was made in Shanghai on July 6. The trial was launched in four cities in Guangdong Province - Guangzhou, Dongguan, Shenzhen and Zhuhai - on July 7.

Companies in the five cities can settle trade in yuan with businesses in Hong Kong, Macau and the 10-member Association of Southeast Asian Nations. Previously, Chinese companies had to convert yuan into US dollars or in other currencies to settle international trade.

"More companies from other provinces have also applied to join the trial," Su said. "However, we will make sure that the first 400-plus companies are running the settlement smoothly before we expand it to other parts of the country."

The central government has previously said Yunnan Province and Guangxi Zhuang Autonomous Region could join the trial.


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