Extension in trade settlements
Source: Xinhua |
August 24, 2011, Wednesday
|
Print Edition
Print Edition
CHINA announced yesterday that all parts of the country are able to use the yuan in cross-border trade settlements.
Previously, only 20 provinces or regions in the country could conduct cross-border trade settlements in yuan.
The policy was announced by the People's Bank of China, the central bank, and five other financial authorities.
The extension is a crucial step in boosting cross-border use of the yuan, as stated in the country's 12th Five-year Plan (2011-2015), and will better serve enterprises' needs and further facilitate trade and investment, the PBOC 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 currency.
China first allowed trials of cross-border trade settlements in yuan in July 2009. It expanded the trial scheme to 20 provinces, municipalities and autonomous regions last year.
Overseas, the program was extended to all countries and regions after being piloted in Hong Kong, Macau, and ASEAN (Association of Southeast Asian Nations).
Previously, only 20 provinces or regions in the country could conduct cross-border trade settlements in yuan.
The policy was announced by the People's Bank of China, the central bank, and five other financial authorities.
The extension is a crucial step in boosting cross-border use of the yuan, as stated in the country's 12th Five-year Plan (2011-2015), and will better serve enterprises' needs and further facilitate trade and investment, the PBOC 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 currency.
China first allowed trials of cross-border trade settlements in yuan in July 2009. It expanded the trial scheme to 20 provinces, municipalities and autonomous regions last year.
Overseas, the program was extended to all countries and regions after being piloted in Hong Kong, Macau, and ASEAN (Association of Southeast Asian Nations).
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