As Chinese banks expand overseas, the central bank is pushing direct transactions between the yuan and other currencies to facilitate cross-border trade and investment.
The Reserve Bank of Australia is in currency talks with the central bank to start direct trade between the Australia dollar and the yuan, "which is a good thing and the two central banks will fully support it", Zhou said.
According to the Society for Worldwide Interbank Financial Telecommunication, the international payment platform, the number of countries and regions processing yuan payments grew to 91 in June from 65 a year earlier, while institutions processing such payments increased to 983 from 617 during the same period.
Hong Kong contributed around 80 percent of yuan payments in the first eight months of 2012.
An HSBC survey showed that 77 percent of Chinese companies expected one-third of all Chinese trade to be conducted in yuan by 2015, and 30 percent plan to use the currency for investment-related purposes in the next 12 months.
Contact the writers at [email protected] and [email protected].
Heavy snowfall hits N China's Hohhot
Sina Microblog
Tencent Microblog
Feedback
RSS
