China mulls expanding cross-border yuan settlement

China needs to expand the Renminbi, or yuan, cross-border settlement efforts when conditions allow, the People's Bank of China (PBOC) said Friday.

"It is necessary for China to seek appropriate timing to expand the cross-border yuan settlement to more cities, enterprises and overseas pilot areas," said an international financial market report released on the central bank's website Friday.

But the report did not detail the conditions for appropriate timing.

The foreign trade volume settled in yuan is still small compared with China's total foreign trade volume, said the report, without specifying figures.

Official figures from China's General Administration of Customs showed that the country's exports in 2009 stood at 1.2 trillion U.S. dollars, down 16 percent from 2008.


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