Home / Knowledge / News / Pilot project to make RMB currency of choice for foreign trade
Pilot project to make RMB currency of choice for foreign trade
31
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

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Stefano Gallucci (left), CEO, Santex Rimar Group, and Tamer Hasbay, President, Has Group; Courtesy: Santex Rimar

Textiles | On 24th Jan 2017

Santex Rimar to market all Has products globally

Italy based Santex Rimar Group has signed an agreement with Turkey...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search