Chinese Enterprises Allowed to Price Foreign Trade Transactions in RMB Yuan

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Last updated at: (Beijing Time) Tuesday, March 11, 2003

Chinese Enterprises Allowed to Price Foreign Trade Transactions in RMB Yuan

Sources from the State Administration of Foreign Exchange said on Monday that Chinese business entities could price their foreign contracts in Chinese Renminbi yuan rather than foreign currencies.

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Sources from the State Administration of Foreign Exchange said on Monday that Chinese business entities could price their foreign contracts in Chinese Renminbi yuan rather than foreign currencies.

The administration has issued a circular to allow domestic enterprises the opportunity to participate in foreign trade under China's WTO commitment.

The circular says that domestic enterprises engaging in foreign trade can settle the bill in the Chinese yuan equivalent of foreign currencies according to the official exchange.

Analysts here said the move means a more flexible payment system for domestic enterprises. The yuan pricing can guard them against the exchange risks and improve their competitive edge in international trade.

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