Chinese importers and exporters allowed to settle foreign trade in Rmb
David Sear, chief operating officer of Western Union Business Solutions, feels that the move underlines the Chinese government’s increasingly flexible attitude towards the Rmb and is a significant step in the internationalization of the currency. March 09, 2012 | Baron LaudermilkOn March 1st 2012, the People’s Bank of China said in a public statement that effective immediately, all companies who are engaged in export and import with China can use the renminbi, driving up the number of Chinese companies which can settle in the Chinese currency significantly. China expanded the program to 20 provincial regions in June 2010, and to all provinces in August 2011. The problem was that only companies that enlisted in the initial pilot program had the right to settle-cross border trade in the renminbi. Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Payments, Rmb, Trade Finance, Transaction BankingPayments,Rmb,Trade Finance,Transaction Banking, Payments,Rmb,Trade Finance,Transaction Banking, Keywords:David Sear, Western Union, Rmb, People’s Bank Of China David Sear, Western Union, Rmb, People’s Bank of China
|