Boost for cross-border yuan deals
Print Edition
China will further optimize cross-border yuan policies and stabilize foreign trade and investment, according to a circular posted on the website of the People鈥檚 Bank of China, the country鈥檚 central bank.
China will promote the facilitation of yuan settlement, simplify the cross-border yuan settlement process, optimize the management of cross-border yuan investment and financing, and facilitate overseas institutions鈥 use of yuan settlement accounts, said the circular.
The circular will come into effect on February 4, 2021.
The bank said it will strengthen instructions to commercial banks in China and continue improving cross-border yuan policies to ensure that cross-border settlement in the currency could serve the country鈥檚 real economy and facilitate trade and investment.
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