China to further expand cross-border renminbi business: central bank official

16:04, April 03, 2011      

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China will enhance the renminbi's role in cross-border trade and investment over the next five years, since country has witnessed progress in internationalizing the currency, an official with the country's central bank said Saturday.

Li Bo, director of the Monetary Policy Bureau of the People's Bank of China (PBOC), made the remarks while summarizing China's achievements in promoting cross-border renminbi business over the course of China's 11th Five-Year Plan.

To boost foreign trade and investment and help Chinese enterprises and traders avoid the risks of exchange rate fluctuations, China has started to expand trial programs for cross-border renminbi trade and investment settlements, as well as improving supporting policies, according to Li.

The Chinese government has also worked to boost monetary cooperation with other countries and regions, Li said in a byline article published on the PBOC's website.

From December 2008 to the end of last year, currency swap deals between the PBOC and foreign central banks have involved 803.5 billion yuan (122.67 billion U.S. dollars), the article said.

The Chinese government first allowed trials for renminbi cross-border settlement business in July 2009. In June of last year, the government decided to expand the trials from four domestic cities to a total of 20 provincial regions.

By the end of last year, the expanded pilot scheme had allowed more than 67,000 Chinese companies to settle trade transactions in renminbi, with total cross-border renminbi trade settlements reaching 509.3 billion yuan, Li said.

Source: Xinhua

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