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RMB poses challenge to supremacy of dollar
06
Jul '09
The proposal to begin cross-border trade in the RMB instead of the US dollar was announced a few months back by the government a few months back. Now, from July 1, the Chinese Central Bank has implemented a pilot project to conduct settlement of foreign trade in the RMB.

The Deputy Governor of the Central Bank, Su Ning, has said that China has developed a pilot policy approach to begin settlement of foreign trade in RMB, which contains 27 guidelines and operational provisions, which include risk management, settlement and clearing measures to conduct trade in the RMB.

The "Approach" states that currently, settlement in RMB can be for overseas trade conducted with Hong Kong and Macao, through domestic commercial bank agents of overseas commercial banks and it also enjoys (free) tax policy in accordance with relevant provisions.

Earlier, on April 8, a decision was taken by the state council that initially the provinces of Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan would carry out the pilot project of cross-border trade in RMB clearing. ASEAN countries, Hong Kong and Macau were tentatively selected as outside geographical areas for the pilot project.

Fibre2fashion News Desk - China

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