Clearing facility to improve trade with Asean

China should consider setting up an integrated clearing facility with the Association of Southeast Asian Nations to further boost its trade and investment within the region, a top official said on Wednesday.

Cao Tong, vice-president of The Export-Import Bank of China, said the measure will also help popularize the use of renminbi as a trade currency within the region.

For countries such as Malaysia, Thailand and Singapore, which already have established clearing facilities, Beijing should seek easier linkages between the two systems to facilitate cross-border yuan transactions.