Special Report: Global Financial Crisis

    BEIJING, April 8 (Xinhua) -- 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.

    Attendees at a State Council executive meeting Wednesday, presided over by Premier Wen Jiabao, agreed settling cross-border trade deals in yuan was important for promoting economic and trade ties between China and neighboring countries and regions.

    Information about when and how the trial program will start was not available.

    The State Council urged departments concerned to issue relative rules as soon as possible.

Yuan's role presents dilemma for Chinese policymakers

    BEIJING, April 8 (Xinhua) -- While China's proposal for a super-reserve currency did not make tangible progress at the G20 summit, it wasn't meant to. Instead, it did what it was intended to do: allow China -- the largest holder of U.S. debt -- to voice unease about U.S. monetary policy.

    At the G20 meeting, Chinese President Hu Jintao called for enhanced supervision over major reserve-currency issuing economies and an overhaul of the international monetary system.  Full story

China to make breakthrough in yuan-based cross-border payment

    BEIJING, April 6 (Xinhua) -- China would manage to make breakthrough in yuan-based cross-border payment system in 2009, People's Bank of China, or the central bank, said in an on-line report.

    According to the report reviewing the country's payment system in 2008, China would further develop regional and international cooperation in payments, and improve the yuan-based cross-border trade settlements this year.  Full story