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China says it'll expand yuan cross-border settlement trial

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littlekracker



Updated Thursday, April 29, 2010 2:03 pm TWN, AFP

China says it'll expand yuan cross-border settlement trial


BEIJING -- China's central bank said Wednesday it would further expand a trial for yuan cross-border settlements, in the latest step towards making the Chinese unit an international currency.

The People's Bank of China said in a statement that an expanded yuan settlement trial would require more open domestic currency, bond, stock, futures and gold markets, without giving any further details.

Beijing announced in December that it would expand the trial to the entire country and increase the number of companies permitted to use the yuan to settle international transactions.

The government last year gave the green light to 365 firms in Shanghai and four cities in the southern province of Guangdong to use the yuan to settle transactions with Hong Kong, Macau and member states of the Association of Southeast Asian Nations.

The trial is aimed at increasing the currency's international use and making it convertible and comes amid growing pressure on Beijing to let the yuan appreciate against the dollar.

Beijing has effectively pegged the yuan to about 6.8 to the dollar since mid-2008.

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