综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Money

Yuan-based trade settlement volume increases

By Chen Jia (China Daily)
Updated: 2011-03-02 13:34
Large Medium Small

BEIJING - The transaction volume of China's cross-border trade settled in yuan has increased sharply, as the government approved pilot companies to use the currency in direct overseas investments.

In the first month of this year, Bank of China's total volume of yuan-denominated cross-border trade settlement reached about 40 billion yuan ($6.09 billion), one-fourth of the 160 billion yuan for the whole of 2010, said Chen Jun, a manager from the international settlement business department of the bank on Tuesday.

Industrial and Commercial Bank of China, the world's largest lender by market value, transacted about 150 billion yuan in cross-border settlement business since the pilot program started in July 2009, a report of the bank said.

China's cross-border trade settlement in the currency rose to 510 billion yuan by the end of last year, Chen said adding that the government is looking to reduce dependence on the US dollar and quicken the pace of yuan globalization.

"Growing international trade and investment by Chinese companies abroad increased the need for yuan-denominated settlement business, and it also provided business opportunities for domestic financial institutions," said Chen.

Investors in the offshore yuan market are likely to hold more working capital in the currency as Chinese financial institutions are working on providing more innovative products and services, Chen added.

Related readings:
Yuan-based trade settlement volume increases Head of IMF urges greater role for yuan
Yuan-based trade settlement volume increases PBOC urges lenders to vet yuan trade settlements
Yuan-based trade settlement volume increases China to increases yuan-settlement companies
Yuan-based trade settlement volume increases China issues new rules on RMB settlement accounts

The People's Bank of China in January allowed some domestic pilot companies to directly invest overseas in yuan, in order to expand yuan-settled business.

These pilot companies were from 24 provinces and cities on the mainland, including Liaoning, Zhejiang, Guangdong and Shanghai.

"Allowing direct investment in the currency is a start to liberalizing the capital account and will help ease the pressure of excessive liquidity, said Xu Sheng, director of the Capital Management Department at JP Morgan Chase in Shanghai.

"It will further accelerate trade settlements in the currency and expand the offshore yuan markets," he said.

Hong Kong, the emerging yuan hub, is expected to provide more options for investors in the offshore yuan market, with companies issuing yuan-denominated bonds and with plans to sell yuan-based shares.

After China's government revised the settlement agreement on the clearing of yuan business in July 2010, Hong Kong handled 370 billion yuan in trade settlements last year, according to the Xinhua News Agency.

The total value of cross-border trade in the currency rose to 108 billion in January, from 100.9 billion yuan in December last year, data from the Hong Kong Monetary Authority showed.

According to a survey from HSBC, about 30 percent of cross-border trade of small and medium-sized companies in Hong Kong is settled in yuan, and this figure is likely to increase to 50 percent by the end of 2011.

分享按鈕
淮阳县| 阿合奇县| 闵行区| 景德镇市| 四川省| 同德县| 柳州市| 怀柔区| 平陆县| 嘉峪关市| 泸州市| 普陀区| 黄梅县| 吉安市| 永年县| 怀化市| 东宁县| 巴南区| 尚义县| 项城市| 福鼎市| 桑植县| 娄底市| 山东省| 陵川县| 集安市| 体育| 房山区| 霍林郭勒市| 光泽县| 郸城县| 三门峡市| 武山县| 荆门市| 保靖县| 桂东县| 台北县| 宁陵县| 东辽县| 屯门区| 祥云县|