China´s central bank to promote yuan settlement in Xinjiang trade (06/02/2010)

Updated: 2010/6/2 10:15:00

China´s central bank will push forward yuan settlement in cross-border trade and investment in the western Xinjiang Uygur Autonomous Region, Zhou Xiaochuan, governor of the People´s Bank of China (PBOC), said Tuesday.

Zhou said it was one of PBOC´s important moves amid the central government´s efforts to achieve leapfrog development and lasting stability in Xinjiang. However, he did not elaborate on the plan nor give a timetable.

He said the PBOC would also support the development of small and medium-sized enterprises in Xinjiang.

Chinese exporters and importers in five cities -- Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan -- are already allowed to settle cross-border trade deals in yuan.

A PBOC report said last month that the country needs to expand yuan cross-border settlement when conditions allow.

Source: Xinhua

Authority in Charge: China National Textile and Apparel Council (CNTAC)

Sponsor :China Textile Information Center (CTIC)

ISSN 1003-3025 CN11-1714/TS