China to Further Expand Cross-Border Renminbi Business

China will enhance the renminbi’s role in cross-border trade and investment over the next five years, since country has witnessed progress in internationalizing the currency, an official with the country’s central bank said Saturday. Li Bo, director of the Monetary Policy Bureau of the People’s Bank of China (PBOC), made the remarks while summarizing China’s [...]

China Liberalises RMB Trade Settlement

Geographic restrictions on China’s year-old renminbi cross-border trade settlement pilot scheme have been lifted, a move that is in line with the country’s push to slowly internationalise its currency. Trade transactions from anywhere in the world can now be settled in renminbi under new rules announced by the People’s Bank of China, the country’s central [...]

Bank May Offer Renminbi Trade Credit

Guo Shuqing, chairman of China Construction Bank, said his bank, the second largest in China, was exploring offering renminbi-denominated trade finance credit that could make the Chinese currency more widely used internationally. His voice, the first from the head of a large Chinese bank, joins a chorus from senior government officials on currency matters that [...]