China aims to settle nationwide trade in yuan by 2011
Posted by seumasach on March 3, 2011
2nd March, 2011
China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency’s international role.
In a statement on its website http://www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily. (Reporting by Zhou Xin and Koh Gui Qing; Editing by Ben Blanchard)
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