English > Finance&Economy > Finance-Breakingnews>China tests allowing yuan in foreign trade settlement

China tests allowing yuan in foreign trade settlement

12-25 17:53 Caijing Magazine

Full article in Chinese: http://www.caijing.com.cn/2008-12-25/110042316.html

The RMB took a step toward becoming an international currency. Beijing announced on December 24 that it will allow companies in the Pearl River and the Yangtze deltas to pay and get paid for foreign trade in yuan. Currently, foreign traders denominate sales in foreign currencies, such as dollars and the Euro, and have to go through the State Administration of Foreign Exchange to change currency. This brings added risk from fluctuations in foreign exchange rates.

Related article in English: Analysis: the Ultimate Power of Printing Money 

Please contact Caijing Magazine for any inquiries. Reproduction in whole or in part without Caijing's permission is prohibited.
[ICP License: 090027] IDC License:[B2-20040250] Advertising Business License:[京海工商广字第0407号] 京公网安备11010502005607号
Copyright by Caijing. All Rights Reserved