营销推广 智搜宝:Yuan-based trade settlement volume increases

来源：百度文库 编辑：九乡新闻网 时间：2024/05/05 16:01:52

Yuan-based trade settlement volume increases

08:46, March 02, 2011      

Email | Print | Subscribe | Comments | Forum 

Increases the bookmark twitter facebook digg Google Windowslive Delicious buzz friendfeed Linkedin diigo reddit stumbleupon

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.

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.

China Daily
  • Do you have anything to say? Related Reading

    • China proposes immediate start of East Asia FTA talks

    • U.S. economy in seventh quarter growth, unemployment rate still high: Bernanke

    • Eurozone inflation in Feburary estimated at 2.4 percent

    • EU raises economic growth forecast for 2011

    • EU to grant 20.7 mln USD to support ASEAN single market

    • Facebook buys group messaging startup Beluga

    Special Coverage
    • Survey for 2011 NPC and CPPCC Sessions
    • Focus On China
    Major headlines

    • CMA director: Artificial snow will not pollute

    • China's holdings of U.S. debt revised up to 1.16 trillion dollars

    • Monitoring plan raises doubts

    • Government moves to keep grain price low

    • Drought's impact on wheat harvest "not significant": expert

    • China helps workers regain 39.12 billion yuan of back pay

    • Mongolian leader meets CPC delegation on ties

    • Third chartered cruise ship carrying evacuated Chinese arrives in Malta

    • Feature: Youngest Chinese evacuee's bumpy road to home from Libya

    • China's leading construction company halts projects in Libya amid unrest

    Editor's Pick
    Hot Forum Dicussion

    • China's arsenal not a threat

    • Uncle Sam and the new Arab revolt

    • Inside the secret service

    • Most annoying 'sky-is-falling' cliches in US foreign polic

    • 'Please die after I'm off duty' post leaves nurse in hot water

    • China whizzes past India on rail-links

    • Russia hires Chinese workers on the Kurils

  • China proposes immediate start of East Asia FTA talks

  • More U.S. companies eye China's domestic market: survey

  • China 21st in technology innovation as US tops the list

  • Wealthy economies must promote growth

  • More consumer finance to come

  • PMI falls for third straight month

    • Yuan-based trade settlement volume increases China to continue expanding cross-border yuan settlement Trade volume between Yunnan, ASEAN rises 45 p... volume是什么? volume是什么意思 Trade Dollar Better Volume Indicator Space-Based Infrared System Web-based SSH RISK-BASED INSPECTION PROCEDURES Rare, ancient settlement of Dian Culture foun... 生命是一种yuan 七绝·诗宴yuan 袁幼轩（Christopher Yuan）。 Population increases to be biggest worry for ... China increases shipping pricing ability on f... Foreign Trade: Data US opens regional trade ... [Nemeth10] 8.8. Logical volume management Space Based Infrared System (SBIRS) cbac(context-based access control) roger-yuan 的博客 - Roger-Yuan - 网易博客 中国茶楼照明设计分析yuan Trade booming between Guangxi, ASEAN