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People's Daily Online>>China Business

China to further expand cross-border RMB businesses

(Xinhua)

08:52, March 01, 2012

BEIJING, Feb. 29 (Xinhua) -- China will further boost the use of its currency in cross-border trade and investment settlements in 2012 as it gradually makes the yuan more internationally convertible, the country's central bank said Wednesday.

The central bank will continue expanding the variety and scope of yuan's cross-border businesses based on serving and bolstering the real economy, the People's Bank of China (PBOC) said in a statement on its website.

It will also closely monitor and analyze yuan, or RMB, flows to control risks in the currency's cross-border settlement, the PBOC said.

Meanwhile, the central bank will step up reform of the RMB exchange mechanism and make the yuan convertible under the capital account at a steady pace.

To reduce reliance on the greenback, China has exerted enormous efforts to make the yuan more international over the past few years.

It allowed Hong Kong to establish an offshore yuan market and has signed 1.3-trillion-yuan currency swap contracts with 14 countries and regions to allow the currency to circulate outside the mainland.

Meanwhile, the country introduced a yuan trade settlement scheme in July 2009 in a number of regions and expanded it nationwide in 2011.

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