Latest News:  
Beijing   Sleet/Overcast    3 / -2   City Forecast

People's Daily Online>>China Business

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

(Xinhua)

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.

【1】 【2】

Email|Print|Comments(Editor:王莉莉)

Related Reading

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Opera Group performs in Buenos Aires

  2. Performance held to celebrate Tibetan New Year

  3. A journey in north Tibet: Qinglong Village

  4. Ceremony for spring tea picking opens in Guangxi

Most Popular

Opinions

  1. West's pressure no sway on China's defense budget
  2. Manila returns to usual games of cat and mouse
  3. How should China cope with US return to Asia?
  4. China-US relations have become irreversible
  5. Safe food not just for champions and govt officials
  6. Questions facing NATO's strategic transformation
  7. US, DPRK talks offer window into new leadership
  8. Chinese people's feelings cannot be hurt
  9. US far from being model of social wealth distribution
  10. China will run short of 25 kinds of minerals by 2020

What's happening in China

Netizens rally to aid of captive seals

  1. City bases smart success on legacy
  2. Companies to check every package mailed
  3. Lawmakers restrict wasteful packaging
  4. Microblogs help check fire hazards in Guangzhou
  5. Death toll climbs to 16 in China factory blast

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai