2011-03-03 16:38

The trial run of yuan-based cross-border trade settlement is likely to be expanded to all mainland cities by this year, Shanghai Securities News reported Wednesday, citing Hu Xiaolian, vice-governor of the People's Bank of China, the central bank.

The yuan-based trade settlement played an increasingly important role in cross-border trade, investment and the world finance, and the market requirement for this kind of settlement is increasing, said the central bank.

The pilot was expanded to 20 provincial level regions by the end of 2010. Data from the central bank showed that more than 67,000 export enterprises were included in the trial run.

The yuan-based cross-border settlements were worth 506.3 billion yuan last year, it said.

Meanwhile, China will continue to test the foreign direct investment's RMB-financing business, it reported, adding that the RMB recycling channels should be broadened at the same time.

In addition, the nation was set to sign more currency swap and local currency settlement agreements to spur trade and investment, the report said.