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More foreign companies using yuan


08:26, November 13, 2012

The number of foreign companies using the yuan as their currency of choice has surged after rules introduced earlier this year allowed yuan settlements for Chinese traders.

The number of French companies paying in yuan increased by 30 percent in the second quarter from the previous quarter.

Australian companies closely followed that example with a rise of 25 percent in the same period, according to Western Union, a global payment company.

The People's Bank of China allowed Chinese importers and exporters to settle trade using the yuan in March.

"In a very short period of time we have seen a marked increase in the number, and value, of payments companies are sending to China through the renminbi," said Gareth Heald, regional finance director of Western Union Business Solutions.

Western Union saw a sharp rise in British organizations, such as universities, law firms and pension funds opening their accounts in yuan.

China started testing cross-border renminbi trade among 365 companies in July 2009. The program later expanded nationally to 60,000 companies. The regulation in March finally allowed all companies to price, invoice and settle business in yuan.

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