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China expands trial of cross-border yuan settlement
By Zhang Fengming |
June 22, 2010, Tuesday
|
Online Edition
Online Edition
CHINA said today it will widely expand cross-border trade yuan settlement in its latest step to reform the exchange rate regime.
China will expand a trial program on yuan-backed cross-border trade settlement to 20 provinces and municipalities from Shanghai and four Guangdong Province cities, the People's Bank of China said on its Website today.
The new list covers major exporting provinces including Jiangsu, Zhejiang, Fujian, Shandong and Sichuan, as well as Beijing and Tianjin.
The trial will also be expanded to cover trade in services and products in all markets.
Previously, the trail was restricted to 365 firms in Shanghai and four cities in southern Guangdong Province that were allowed to use the local currency to settle trade with Hong Kong, Macau and countries of the 10-member Association of Southeast Asian Nations.
The central bank didn't disclose the detailed timetable of the expansion or how many companies would be involved. Authorities said earlier that the trial will be expanded nationwide in the long run.
The expansion came after China's weekend pledge to make the local currency more flexible.
The Chinese yuan declined the most against the US dollar since December 2008 today, reversing its strong gains on Monday, highlighting that the yuan can move up and down.
The central bank set the yuan's central parity rate at 6.7980 today by trading 0.43 percent stronger, the biggest gain in five years, reflecting its appreciation yesterday.
China will expand a trial program on yuan-backed cross-border trade settlement to 20 provinces and municipalities from Shanghai and four Guangdong Province cities, the People's Bank of China said on its Website today.
The new list covers major exporting provinces including Jiangsu, Zhejiang, Fujian, Shandong and Sichuan, as well as Beijing and Tianjin.
The trial will also be expanded to cover trade in services and products in all markets.
Previously, the trail was restricted to 365 firms in Shanghai and four cities in southern Guangdong Province that were allowed to use the local currency to settle trade with Hong Kong, Macau and countries of the 10-member Association of Southeast Asian Nations.
The central bank didn't disclose the detailed timetable of the expansion or how many companies would be involved. Authorities said earlier that the trial will be expanded nationwide in the long run.
The expansion came after China's weekend pledge to make the local currency more flexible.
The Chinese yuan declined the most against the US dollar since December 2008 today, reversing its strong gains on Monday, highlighting that the yuan can move up and down.
The central bank set the yuan's central parity rate at 6.7980 today by trading 0.43 percent stronger, the biggest gain in five years, reflecting its appreciation yesterday.
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