Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Yuan for ASEAN trade payment
+ -
09:55, July 01, 2009

 Related News
 Senior officials of China, ASEAN to meet in E China
 Vietnamese PM ratifies ASEAN-China maritime transport agreement
 Comment  Tell A Friend
 Print Format  Save Article
China is very likely to give the green light to companies in Yunnan Province and Guangxi Zhuang Autonomous Region to settle international trade in yuan with Southeast Asian countries, according to statements on June 30.

The scheme will protect exporters from currency fluctuations and help boost trade with the 10-nation Association of Southeast Asian Nations, Nong Rong, vice secretary general of the China-ASEAN Expo, was quoted as saying by Bloomberg News.

"Preparation work for the pilot programs are progressing smoothly," Nong was quoted as saying.

"Some companies that were deterred by foreign-exchange risks may now seek to expand overseas as the risks have been reduced," Nong added.

China and ASEAN have held the annual trade fair in Nanning, capital of Guangxi, since 2004.

The yuan settlement is expected to help stabilize trade, trim currency exposure for exporters and build up the yuan's position in the international monetary system, which now centers on the United States dollar. Chinese exporters can avoid foreign currency exposure by settling in yuan.

China announced late last year that it planned a trial for settling international trade in domestic currency.

Source: Shanghai Daily





  Your Message:   Most Commented:
India's unwise military moves
Veiled threat or good neighbor?
China slams Clinton's June 4 comments
13 more bodies from Air France flight 447 recovered
To Be or Not To Be-- reflourishing bicycle in China

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90857/90859/6690562.pdf