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China extends yuan trade settlement to whole country [Copy link] 中文

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Post time 2011-8-23 22:43:30 |Display all floors
China announced on Tuesday that all parts of the country are able to use its national currency, the yuan or Renminbi, in cross-border trade settlements.

Previously, only 20 provincial regions in the country could conduct cross-border trade settlements in yuan.

The policy was announced by the People's Bank of China, the country's central bank, and five other financial authorities.

The extension is a crucial step in boosting cross-border use of yuan, which is stated in the country's 12th Five-year Plan (2011-2015), and will better serve enterprises' needs and further facilitate trade and investment, the central bank said in a statement on its website.

The move came after an announcement made by Vice Premier Li Keqiang last week that the government would extend cross-border trade settlement in yuan to the whole country.

Analysts said encouraging the use of yuan in cross-border trade settlements indicates China's ambitions of pushing forward the internationalization of the yuan.

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Post time 2011-8-23 23:46:45 |Display all floors
That is a good move that will reduce the use of dollars and save the companies involved from being ripped off for exchange charges.

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Post time 2017-8-24 01:26:18 |Display all floors
Sound idea.

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