- CNTV English - CCTV News

China takes new step to boost yuan's global role

06-18-2010 15:21 BJT

Watch Video

Play Video

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:

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program