China Starts Trial of Foreign Trade Settlement in Yuan

China's State Council, or Cabinet, announced a pilot program to allow exporters and importers in five cities to settle cross-border trade deals in Renminbi, or yuan.

The cities are Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. The latter four are all in south China's Guangdong Province.

Attendees at a State Council executive meeting Wednesday, presided over by Premier Wen Jiabao, agreed settling cross-border trade deals in yuan was important for promoting economic and trade ties between China and neighbouring countries and regions.

Information about when and how the trial program will start was not available.

The State Council urged departments concerned to issue relative rules as soon as possible.

Source: CRIEnglish