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Yuan settlement of trade between Hong Kong SAR and the Chinese mainland more than doubled in May from the previous month, reaching nearly 7.2 billion yuan.
Chief executive of the Hong Kong Monetary Authority Norman Chan says settling of transactions using the yuan rose after the authority explained settlement rules. The regulator and the People's Bank of China plans to adjust rules, allowing for purchases of yuan-denominated funds and insurance products in July.
China approved the use of yuan in settling cross-border trade with Hong Kong in June last year, part of a drive to broaden the use of the currency and reduce reliance on the US dollar.