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cross border trade...yuan settlement

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1 cross border trade...yuan settlement on Thu Aug 19, 2010 9:32 pm

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More than 26.6 billion yuan (US$3.9 billion) of yuan settlement has been made in Shanghai via the cross-border trade yuan settlement trial, Tu Guangshao, vice mayor of Shanghai, said yesterday.

Shanghai was among the first batch of five cities in July 2009 to run the trial aiming to make the local currency go global. China in June widely expanded the settlement to 20 provinces and municipalities from Shanghai and four Guangdong Province cities.

The new list includes Beijing and Jiangsu, Zhejiang, Fujian, Shandong and Sichuan provinces.

The trial has also been expanded from products trade to services trade in all markets, with a previous limited overseas coverage scrapped.

Before that, the trial was restricted to settle trade with counterparts in Hong Kong, Macau and countries of the 10-member Association of Southeast Asian Nations.

"The expansion of the trial offers financial institutions in Shanghai to do more innovation to follow the program, which will help boost the city as a global financial and trade center," Tu said.

Fang Xinghai, head of the Shanghai Financial Service Office, said the expansion was not a threat for Shanghai and it would create an economy of scale to attract more companies to join the program.

Yesterday, eight banks signed cooperative deals with eight companies.

More than 36,000 trading companies are running in Shanghai.

Companies have to meet certain standards and gain approval to join the program.

Authorities said earlier that the trial would be expanded nationwide in the long run.

The Bank of China is now the biggest lender in the city to run the business for companies.

http://www.shanghaidaily.com/article/?id=446856&type=Business#ixzz0x6WuJ4m7


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