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China takes new step to boost yuan's global role

06-18-2010 15:21 BJT

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China is expanding a pilot program allowing cross-border trades to be settled in yuan in parts of the country.

Companies in 20 provinces municipalities and Autonomous Regions of the country will be allowed to settle trade transactions in yuan. Currently only selected firms in Shanghai and Guangdong province are allowed to do so. The state council's year-old scheme will be extended to the invoicing and settlement of imports and exports with all of China's trading partners.

Right now, the only permitted overseas counterparts are Hong Kong and Macao SARS. By the end of May, trade totaling 44.6 billion yuan had been invoiced and settled in yuan since the pilot scheme was launched in July 2009. Experts say the purpose of the scheme is to gradually promote a wider international use of the yuan. Some also say that it's the first step of turning the yuan into an international convertible currency.

Editor:Du Xiaodan |Source: CCTV.com

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