Yuan-denominated cross-border trade to be expanded
June 28, 2010 Category Foreign trade, Weekly
China widely expanded a trial program on yuan-denominated cross-border trade. The program, started last July in Shanghai and four cities in Guangdong province, is spreading to 20 provinces and will cover trade with any country, the People’s Bank of China (PBOC) announced. The settlement will apply to trade in services, not just products, as before. Up to now, the trial has been limited to 365 firms in Shanghai and four Guangdong cities, allowing them to use the yuan to settle trade with counterparts in Hong Kong, Macao and the 10 countries of the Association of Southeast Asian Nations (ASEAN). HSBC finished a cross-border yuan settlement in Qingdao, Shandong province, its first transaction in the expanded program. Standard Chartered Bank has already launched road shows on the program in Hong Kong, South Korea, Japan, and in London, Frankfurt and Paris to attract more companies to join the program. Companies in China have to meet certain standards and gain approval. The trial will eventually be expanded nationwide, the Shanghai Daily reports.
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