Paying in yuan expands further
By Joy Wang |
December 7, 2010, Tuesday
|
Print Edition
Print Edition
CHINA has further expanded the program of yuan-backed cross-border trade settlement by allowing more Chinese enterprises to enter the trial program, the central bank said yesterday.
The People's Bank of China and other related authorities have agreed to let 67,359 exporters use the yuan to settle their business, up from the previous 365.
The companies, which are located in 16 provincial areas, started the trial from last Friday.
"It will further push forward the program of the yuan-backed trade, and make settlement as well as investment more convenient," the statement said.
China is trying to reduce reliance on the US dollar in trade through this yuan program.
In June, China expanded the trial program to more regions from Shanghai and four cities in south China's Guangdong Province.
Between June and November, the value of trade settled with the yuan was 340 billion yuan (US$51.1 billion), seven times more than the value before the expansion.
The People's Bank of China and other related authorities have agreed to let 67,359 exporters use the yuan to settle their business, up from the previous 365.
The companies, which are located in 16 provincial areas, started the trial from last Friday.
"It will further push forward the program of the yuan-backed trade, and make settlement as well as investment more convenient," the statement said.
China is trying to reduce reliance on the US dollar in trade through this yuan program.
In June, China expanded the trial program to more regions from Shanghai and four cities in south China's Guangdong Province.
Between June and November, the value of trade settled with the yuan was 340 billion yuan (US$51.1 billion), seven times more than the value before the expansion.
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