Shanghai plans yuan trade settlement soon -report
SHANGHAI, Feb 26 - Selected banks in Shanghai will soon begin settling cross-border trade in yuan, part of China's efforts to make the yuan an international currency, the official China Securities Journal reported on Thursday.
Bank of Communications <601328.SS> will make an announcement on the start of the business as soon as this month, the newspaper quoted an unnamed official of the bank as saying.
The Shanghai branch of Bank of China <601988.SS> will become the second bank to do the business at a later date, the newspaper added without elaborating.
In December, the government took a small step toward making the yuan an international currency by promising to allow its use on a trial basis to settle trade between a few Chinese provinces and neighbouring states.
The cabinet said the yuan could be used for trade between the manufacturing heartlands of the Pearl River Delta and the Yangtze River Delta, where Shanghai is located, and the Chinese territories of Hong Kong and Macau.
In addition, members of the Association of Southeast Asian Nations would be permitted to use yuan in trade with China's southeastern regions of Guangxi and Yunnan.
At present, the vast majority of China's trade is conducted in dollars and the rest in other major currencies such as the euro.
Source: http://news.alibaba.com/
Bank of Communications <601328.SS> will make an announcement on the start of the business as soon as this month, the newspaper quoted an unnamed official of the bank as saying.
The Shanghai branch of Bank of China <601988.SS> will become the second bank to do the business at a later date, the newspaper added without elaborating.
In December, the government took a small step toward making the yuan an international currency by promising to allow its use on a trial basis to settle trade between a few Chinese provinces and neighbouring states.
The cabinet said the yuan could be used for trade between the manufacturing heartlands of the Pearl River Delta and the Yangtze River Delta, where Shanghai is located, and the Chinese territories of Hong Kong and Macau.
In addition, members of the Association of Southeast Asian Nations would be permitted to use yuan in trade with China's southeastern regions of Guangxi and Yunnan.
At present, the vast majority of China's trade is conducted in dollars and the rest in other major currencies such as the euro.
Source: http://news.alibaba.com/
posted by B2B India @ 4:52 AM
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