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
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