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People's Daily Online>>China Business

China to further expand cross-border RMB businesses (2)


08:53, March 01, 2012

According to earlier data released by the central bank, China's overall cross-border trade settlement in yuan under the current account hit 2.58 trillion yuan (409 billion U.S. dollars) by the end of 2011 since the scheme was launched.

The trade settlement in yuan last year increased 3.1 times from a year earlier. The settlement in yuan for goods trade accounted for 6.6 percent of the total cargo imports and exports. The portion rose 4.4 percentage points from 2010, the PBOC said in the Wednesday statement.

China has also approved foreign direct investment in RMB obtained overseas. In 2011, it gave the green light to investing overseas RMB gained by qualified institutional investors in mainland securities markets.

Last year, the yuan-denominated outbound direct investment totaled 20.15 billion yuan while foreign direct investment settled in RMB on the Chinese mainland topped 90.72 billion yuan. Both saw remarkable growth from a year earlier, the central bank said.

The PBOC also said in an earlier report that it will explore ways to allow individuals to carry out yuan settlement in cross-border trade.

However, its Shenzhen branch Wednesday refuted previous media reports that it approved individuals' trade settlement in yuan, saying it had never issued documents relating to the matter.

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