China mulls expanding cross-border yuan settlement (2)

10:11, April 03, 2010      

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China's State Council, or Cabinet, announced in April 2009 a pilot program to allow exporters and importers in five cities -- Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan -- to settle cross-border trade deals in yuan.

The latter four cities are all in south China's Guangdong Province.

The Bank of China (BOC), China's largest foreign exchange bank, announced on July 6 last year that its Shanghai branch had received the first cross-border yuan trade settlement deal from the BOC (Hong Kong).

The government is considering enlarging the scope of cross-border yuan settlement from commodity trade into service trade, said the report.

Yuan settlement was in accordance with the market demand, said Cao Honghui, a researcher with the Chinese Academy of Social Sciences, but increasing the yuan's global acceptance would be decided by factors such as the country's economic development and the financial system development.

Source: Xinhua
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(Editor:赵晨雁)

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