Yuan project to grow
Source: Xinhua |
April 27, 2011, Wednesday
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Print Edition
Print Edition
THE People's Bank of China plans to expand its pilot program for using the yuan in cross-border trade to more regions this year, an official of the central bank said yesterday.
"The PBOC aims to expand its pilot plan nationwide this year," Li Bo, director of the Monetary Policy Bureau of the PBOC, said at a meeting held by the China Banking Association.
China first allowed cross-border yuan settlement trials in July 2009 to encourage the internationalization of the currency. In June 2010, the government expanded the project to 20 provincial regions.
"The PBOC aims to expand its pilot plan nationwide this year," Li Bo, director of the Monetary Policy Bureau of the PBOC, said at a meeting held by the China Banking Association.
China first allowed cross-border yuan settlement trials in July 2009 to encourage the internationalization of the currency. In June 2010, the government expanded the project to 20 provincial regions.
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