China to expand cross-border use of RMB

BEIJING -- China will continue to expand the cross-border use of the Chinese currency, the Renminbi or yuan, this year, China's central bank said Friday.

The Chinese yuan's cross-border settlement reached 3.64 trillion yuan ($596.6 billion) in the first eleven months of 2013, which was 350 times the amount in 2009, the People's Bank of China said at a work-planning meeting.

Meanwhile,the PBOC will maintain steady monetary credit growth, improve the multi-tier capital market, modernize financial services and engage further in international financial regulation policy-making this year.