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People's Daily Online>>China Business

PBC to boost yuan use

By Song Shengxia (Global Times)

09:04, January 12, 2012

China is planning to further expand the use of the yuan in international trade and investment this year by extending channels for cross-border flow of the currency, an assistant governor of the People’s Bank of China (PBC) said yesterday.

As well as coordinating the development of the domestic and overseas yuan market, the central bank will encourage commercial banks to go global and offer cross-border yuan-denominated financial services, Li Dongrong, assistant governor of the central bank, said in a statement published on the bank’s website yesterday.

The country’s cross-border trade settlement in yuan under current accounts hit 2.58 trillion yuan ($408.31 billion) last year, the statement said.

"China needs to further ease exchange controls, eventually allowing the yuan to be freely convertible,” Song Guoliang, a finance professor at the University of International Business and Economics, told the Global Times yesterday.

It’s also a good time for China’s banks to go global, said Song, because the US and Europe are more willing under the current circumstances to lower the threshold for Chinese banks to enter their markets and boost their economies.

The statement also showed that yuan-denominated offshore direct investment totaled 20.15 billion yuan last year, while foreign direct investment settled in yuan on the Chinese mainland topped 90.72 billion yuan.

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