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Rules unveiled on cross-border yuan settlement

(Xinhua)
Updated: 2009-07-02 17:04

BEIJING: China has issued detailed measures to regulate the pilot program for cross-border trade settled in yuan, according to a document released Thursday by the central bank.

Related readings:  Mainland, HK sign supplementary pact on yuan trade settlement  Yuan settlement for trade with SE Asia soon  Yuan settlement trial starts in five cities  Yuan trade settlement gets the nod  China on right track to reform global currency system

The document posted on website of People's Bank of China specified how to make transactions using the yuan to settle trade with Hong Kong, Macau and regional trade partners.

China's State Council, or Cabinet, announced a pilot program to allow exporters and importers in five cities to settle cross-border trade deals in Renminbi, or yuan.

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