China to expand cross-border RMB settlement plan

08:10, April 27, 2011      

Email | Print | Subscribe | Comments | Forum 

The People's Bank of China (PBOC), China's central bank, plans to expand its pilot plan for using the currency of renminbi in cross-border trade to more regions this year, an official with the bank said Tuesday.

"The PBOC aims to expand its pilot plan nationwide this year and introduce a trial project for cross-border renminbi settlement," Li Bo, director of the Monetary Policy Bureau of the PBOC, said at a meeting held by the China Banking Association.

The Chinese government first allowed cross-border renminbi settlement trials in July 2009 to encourage the internationalization of the Chinese currency.

In June of last year, the government expanded the project to 20 provincial regions.

"The objective of cross-border renminbi trade settlement is to make trading and investing easier and change the currency into a feasible market option through the introduction of supporting policies," Li said.

According to official figures, total cross-border renminbi transactions hit 506.3 billion yuan ($77.69 billion) in 2010, and such transactions reached 360.3 billion yuan in the first quarter of this year.

To facilitate trade and investment, the central bank will continue to promote off-shore renminbi trade settlement and open up the domestic financial market to allow more overseas banks to enter China's interbank market, Li said.

In addition, the central bank will sign currency swap deals with more countries to encourage currency cooperation and promote bilateral trade and investment, he added.

Source: Xinhua
BRICS Leaders Meeting 2011
Japan in aftershocks
  Weekly review  
April 20   Beijing-Shanghai high-speed rail to remove luxury seats
April 18   China undergoing shift into nation of consumers
April 18   Zhejiang checks food, raids illegal bun makers
April 19   SASS: Chinese students mentally healthier than Asian peers
April 23   The week in pictures
April 19   Build legal bulwark against moral decline
April 21   'China model' 30 years on: from home to abroad
April 21   Piano student's bloody crime heart-wrenching in China
April 18   China places firmer lid on home prices
April 19   China puts brake on economic bullet train


  • Do you have anything to say?


Special Coverage
  • BRICS Leaders' Meeting 2011
  • Focus On China
Major headlines
Editor's Pick
  • Protesters attend anti-nuclear rally in Japan
  • UK gets ready for Prince William's wedding
  • DPRK senior official meets former U.S. president Carter
  • Leaders of Italy, France discuss Libya, migrants at annual summit
  • No.32 turbine of Three Gorges power station starts water filling test
  • Shanghai witnesses high temperature in April
Hot Forum Dicussion