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Pilot project to make RMB currency of choice for foreign trade
Dec '08
The State Council held an executive meeting on December 24, 2008. The meeting discussed in detail on steps to be taken to increasing domestic consumption and policy measures to maintain steady growth of foreign trade.

One of the most important points of discussion was setting up of a pilot project to carry out settlement of trade in RMB currency. As part of the pilot project it was decided that Guangdong and the Yangtze River Delta region will carry out RMB settlement with Hong Kong and Macao while Guangxi and Yunnan will do the same with ASEAN.

Earlier, the Chinese Government has introduced 14 measures to support Hong Kong's financial stability and economic development in allowing eligible enterprises in Hong Kong to make trade settlement in RMB. Experts predict that RMB clearing will be carried out in pilot areas only, and only for business between enterprises that have bargaining and negotiating abilities.

In addition, the Government may introduce a number of supporting policies for financial institutions, allowing banks to provide RMB credit support to companies outside the Mainland, such as providing buyer's credit to overseas enterprises.

Fibre2fashion News Desk - China

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