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Yuan settlement trial starts in five cities

(Xinhua)
Updated: 2009-04-08 18:08

China's State Council, or the Cabinet, announced Wednesday to start a pilot program allowing firms in five cities to settle cross-border trade deals in renminbi yuan.

Related readings:  HK to begin yuan settlement trial

The cities are Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. The latter four cities are all in South China's Guangdong province.

Attendees at a State Council executive meeting Wednesday, presided over by Premier Wen Jiabao, agreed settling cross-border trade deals in yuan was important for promoting economic and trade ties between China and neighbouring countries and regions.

Information about when and how the trial program will start was not available.

The State Council urged departments concerned to issue relative rules as soon as possible.