China aims to settle nationwide trade in yuan by 2011

BEIJING, March 2 | Wed Mar 2, 2011 5:43am EST
REUTERS

(Reuters) - China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role.

In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily. (Reporting by Zhou Xin and Koh Gui Qing; Editing by Ben Blanchard)

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