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Yuan settlement trial to be extended
By Zhang Fengming |
August 28, 2009, Friday
|
Online Edition
Online Edition
SHANGHAI is poised to list another 200 companies in the cross-border yuan settlement trial to enable more players enjoy the transaction.
In Shanghai 92 companies have been allowed to join the trial since July 6 and more companies will take part in the trial, Fang Xinghai, director of the Shanghai Financial Services Office said today.
In April, China allowed five Chinese mainland cities to start the trial of settling trade in yuan with businesses in Hong Kong, Macau and the 10-member Association of Southeast Asian Nations.
But most exports from Shanghai go to Korea, European and the Americas, which is why the trial didn't take off in the city, Fang said.
He declined to give a timetable for the expansion of the trial as it also needs the approval of top regulators.
The People's Bank of China has also signed currency swap deals with Hong Kong, Indonesia, South Korea, Malaysia, Belarus and Argentina. Already that has amounted to 650 billion yuan (US$95.3 billion).
In Shanghai 92 companies have been allowed to join the trial since July 6 and more companies will take part in the trial, Fang Xinghai, director of the Shanghai Financial Services Office said today.
In April, China allowed five Chinese mainland cities to start the trial of settling trade in yuan with businesses in Hong Kong, Macau and the 10-member Association of Southeast Asian Nations.
But most exports from Shanghai go to Korea, European and the Americas, which is why the trial didn't take off in the city, Fang said.
He declined to give a timetable for the expansion of the trial as it also needs the approval of top regulators.
The People's Bank of China has also signed currency swap deals with Hong Kong, Indonesia, South Korea, Malaysia, Belarus and Argentina. Already that has amounted to 650 billion yuan (US$95.3 billion).
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