Global role for the yuan
March 6, 2011, Sunday
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Print Edition
Print Edition
CHINA will continue to increase the use of its currency in cross-border trade and investment this year, according to a government work report released yesterday.
The country will "press ahead with making the yuan convertible under capital accounts" this year, the report said. This is expected to bolster the yuan's role on international markets.
The People's Bank of China, the central bank, said on Wednesday that it will expand a trial program allowing the use of yuan to settle cross-border transactions to the entire country this year. Currently, this is only permitted in 20 provincial regions.
The total value of trade settled in the yuan rocketed to 506.3 billion yuan (US$77.1 billion) last year, according to the central bank.
China has inked eight bilateral currency deals worth 803.5 billion yuan combined since the end of 2008.
The country will "press ahead with making the yuan convertible under capital accounts" this year, the report said. This is expected to bolster the yuan's role on international markets.
The People's Bank of China, the central bank, said on Wednesday that it will expand a trial program allowing the use of yuan to settle cross-border transactions to the entire country this year. Currently, this is only permitted in 20 provincial regions.
The total value of trade settled in the yuan rocketed to 506.3 billion yuan (US$77.1 billion) last year, according to the central bank.
China has inked eight bilateral currency deals worth 803.5 billion yuan combined since the end of 2008.
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