Published March 09, 2012
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.
On 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...