Business
        

Money

Yuan settlement in cross-border trade tops $82b

Updated: 2011-05-20 09:08

(Xinhua)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

SHANGHAI -- China's yuan settlement in cross-border trade topped 530 billion yuan ($81.54 billion) in the first four months of 2011, said an official with the central bank on Thursday.

Related readings:
Yuan settlement in cross-border trade tops $82b PBOC to expand cross-border RMB settlement plan
Yuan settlement in cross-border trade tops $82b Banks close to agreement on local currency settlement
Yuan settlement in cross-border trade tops $82b China to regulate individual forex settlement through e-banking
Yuan settlement in cross-border trade tops $82b Yuan settlement to be expanded in mainland

This was about 5 percent of China's total foreign trade in the same period, said Li Bo, head of the Monetary Policy Department II of the People's Bank of China (PBOC), the central bank, at the Lujiazui Forum in Shanghai.

The January-April yuan settlement in cross-border trade was slightly higher than the total volume last year, Li said.

China's yuan settlement in cross-border trade hit 500 billion yuan last year, which was about 2 percent of the total foreign trade last year, Li said.

Since its introduction in July 2009, the yuan settlement in cross-border trade has developed rapidly, despite its still low percentage in the country's total foreign trade, Li said.

Specials

Suzhou: Heaven on Earth

Time-tested adages sing praises of Suzhou, and Michael Paul Franklin finds it's not hard to understand why on a recent visit.

The sky's the limit

Chinese airline companies are increasingly recruiting pilots and flight attendants as the industry experiences rapid expansion.

Diving into history

China's richest cultural heritage may lie in the deep, like exhibits in a giant underwater museum.

Refreshingly beautiful
V-Day parade
Revolutionary marriage