Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

PBOC to Expand Yuan Settlement Scheme Overseas, Official Says

Don't Miss Out —
Follow us on:

Dec. 3 (Bloomberg) -- The People’s Bank of China plans to expand cross-border yuan trade settlements internationally and will use its trial in Hong Kong as a “platform,” said Fan Linchun, an official at the central bank.

Cross-border yuan settlements have already spread to countries outside of Asia including France, Luxembourg and South Africa, Fan said today at a forum in Hong Kong. Their market share remains “insignificant,” he said.

Cross-border trade settlements in the southern Chinese province of Guangdong totaled 135 billion yuan ($20 billion) in the past 16 months, Fan added.

China will soon enable a further 5,000 companies in Guangdong to use yuan for trade with Hong Kong, Radio Television Hong Kong reported yesterday, citing Fan.

Fan told the broadcaster he expects the yuan quota for Hong Kong next year to exceed the current 8 billion yuan. Fan is deputy head of the yuan-trade settlement office at the central bank’s Guangzhou branch in Guangdong, according to the report.

To contact Bloomberg News staff for this story: Sonja Cheung in Hong Kong at scheung58@bloomberg.net.

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.