China Expands Yuan Export Settlement to Qualified Frims
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China expanded a trial of yuan settlement for exports to all companies qualified for foreign trade from a list of designated participants, the nation’s central bank said on its website yesterday.
The change is aimed at promoting trade and the Chinese currency’s cross-border use, the People’s Bank of China said, citing a combined directive with the ministries of finance and commerce, the customs and taxation bureaus and the China Banking Regulatory Commission. A circular on the new policy attached to the announcement is dated Feb. 3.