China has issued detailed measures to regulate the pilot program for cross-border trade settled in yuan, according to a document released on July 2 by the central bank.
The document posted on website of People's Bank of China specified how to make transactions using the yuan to settle trade with Hong Kong, Macau and regional trade partners.
China's State Council, or Cabinet, announced a pilot program to allow exporters and importers in five cities to settle cross-border trade deals in Renminbi, or yuan.
The cities are Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. The latter four are all in south China's Guangdong Province.