PBOC official supports the establishment of yuan offshore market

14:14, March 30, 2010      

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The People's Bank of China (PBOC) supports the establishment of the offshore yuan market in Hong Kong, said Su Ning, deputy governor of the PBOC yesterday.

"We are studying the possibility of establishing a yuan offshore market in Shanghai in addition to supporting Hong Kong to set up such a market," Su said.

Su said that the current cross-border yuan trade settlement was carried out under the situation that yuan is inconvertible under capital accounts. "Only when foreign companies that hold yuan could make financing and start yuan trading in the offshore market, cross-border yuan trade settlement could be expanded."

He also said that China only monitors and controls cross-border yuan flow. Last year, China started a trial in which merchandise trade can be settled using the yuan.

By People's Daily Online
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