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Demand for cross-border yuan settlement rises

06-23-2010 08:51 BJT

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Demand from banks and companies to settle cross-border trade transactions in yuan, is on the rise. China's central bank says it's expanding a pilot programme allowing companies to invoice and pay for imports and exports in yuan, instead of dollars or other fully convertible currencies.

Economists say the expansion of the trial scheme to 20 of China's provinces, autonomous regions and municipalities is an important step towards greater international use of the yuan.

Previously, only firms in Shanghai and four cities in the southern province of Guangdong were eligible.

Editor:Xiong Qu |Source: CCTV.com

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