Latest News:  
Beijing   Sleet/Overcast    3 / -2   City Forecast

People's Daily Online>>China Business

China to further expand cross-border RMB businesses


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.

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. Opera Group performs in Buenos Aires

  2. Performance held to celebrate Tibetan New Year

  3. A journey in north Tibet: Qinglong Village

  4. Ceremony for spring tea picking opens in Guangxi

Most Popular


  1. West's pressure no sway on China's defense budget
  2. Manila returns to usual games of cat and mouse
  3. How should China cope with US return to Asia?
  4. China-US relations have become irreversible
  5. Safe food not just for champions and govt officials
  6. Questions facing NATO's strategic transformation
  7. US, DPRK talks offer window into new leadership
  8. Chinese people's feelings cannot be hurt
  9. US far from being model of social wealth distribution
  10. China will run short of 25 kinds of minerals by 2020

What's happening in China

Netizens rally to aid of captive seals

  1. City bases smart success on legacy
  2. Companies to check every package mailed
  3. Lawmakers restrict wasteful packaging
  4. Microblogs help check fire hazards in Guangzhou
  5. Death toll climbs to 16 in China factory blast

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai