China's Xinjiang to boost yuan settlement in cross-border trade

08:45, May 11, 2011      

Email | Print | Subscribe | Comments | Forum 

China's northwestern Xinjiang Uygur Autonomous Region aims to have five percent of its foreign trade settled in yuan, China's official currency, in 2011 as the country continues to push for the use of the yuan in international trade.

Officials with the region's financial department said on Tuesday that yuan-settled cross-border trade has exceeded 12.2 billion yuan (about 1.88 billion U.S. dollars) since last October, when the region started to allow the Chinese currency to be used as an alternative to the U.S. dollar in international trade.

Fifteen banks in Xinjiang are certified to handle cross-border yuan services, while 20 foreign banks and institutes offer other yuan-related services, officials said.

Cross-border yuan settlement refers to the use of the yuan in international trade and investment deals.

Xinjiang is located on China's border near central and western Asia. The vast region borders eight countries, including Russia, Kazakhstan, Kyrgyzstan, and Pakistan. The central government has announced a series of favorable policies to help Xinjiang become a key region for western trade.

Source: Xinhua
 
 
     
 
BRICS Leaders Meeting 2011
 
Japan in aftershocks
 
     
 
 
 
  Weekly review  
 
May 05   Fight against terrorism should strike at roots
 
April 29   'Human rights overriding sovereignty' only a mask of hegemony
May 04   Human rights dialogues need mutual understanding
May 03   Highlights of China's sixth national census results
May 07   The week in pictures
May 03   Expats seeking opportunities in China
May 04   Some Chinese colleges face decreasing enrollment, struggle to survive
May 05   French leader: China's peaceful rise puts world at ease
April 29   Ten most valuable cultural relics displayed at Xi'an exposition park
May 03   US kills Bin Laden, ending 10-year manhunt
 
     
 
 

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Al-Qaeda leader Osama bin Laden dead
  • BRICS Leaders' Meeting 2011
Major headlines
Editor's Pick
  • BMW efficient dynamics concept car displayed in India
  • Bird's eye-view of post-quake reconstruction projects in SW China
  • Russian FM in Iraq for talks with Iraqi leaders
  • Israeli aerobatic flights perform on Independence Day
  • Teachers, students mourn colleagues, classmates killed in Wenchuan quake
  • Abbas says Palestinians determined to get UN recognition
Hot Forum Dicussion