Shanghai may start yuan settlement trials with ASEAN

SHANGHAI: This city will likely join the second batch of yuan-settlement trials with some neighboring trade partners to tackle the export slowdown, according to local authorities.

"We worked on the proposal for the pilot program with related departments which would be submitted to the local government and the State Council for approval," said Zhao Kangmei, vice-chairman of Shanghai Municipal Commission of Commerce (SMCC).

The State Council, the country's cabinet, last December announced it would use the Chinese currency yuan for trade payments between Guangdong province and the Yangtze River Delta and the special administrative regions of Hong Kong and Macao, an attempt to make yuan an international currency.