国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

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
博白县| 阿坝| 信丰县| 岗巴县| 子长县| 灵武市| 镇沅| 新疆| 大宁县| 政和县| 东辽县| 航空| 银川市| 三穗县| 鹤山市| 黎川县| 南靖县| 兴和县| 玛纳斯县| 深泽县| 温泉县| 永登县| 襄城县| 南开区| 望谟县| 缙云县| 吐鲁番市| 大理市| 宣城市| 久治县| 威海市| 特克斯县| 罗江县| 娱乐| 镇平县| 曲松县| 柳河县| 随州市| 旬阳县| 凌源市| 通城县|