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Cross-border settlement is the first step in China's efforts to promote the use of the yuan internationally. Yuan-denominated trade settlement transactions totaled 71 billion yuan as of Monday. 75 percent of that is processed in Hong Kong.
The cross-border settlement regime for trade transactions was originally limited to Hong Kong and Macao and ASEAN countries. But it was expanded to include the rest of the world in June.
It's now expected to generate new yuan-denominated financial products and the gradual internationalisation of the currency.
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