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One small step for the renminbi?

  • Published 09 Jul 2009

A recent pilot scheme to allow select companies to invoice and settle trade transactions in renminbi is just one move towards the internationalisation of China's currency.

China recently took another step towards internationalising its currency with the launch of a pilot scheme to allow select companies to invoice and settle trade transactions in renminbi. The scheme was kicked off by Bank of China (Hong Kong) Limited (3988:HKG), when it conducted the first cross-border renminbi trade settlement transaction on July 6. Regulations released by the People's Bank of China, the central bank, will allow approved companies to settle renminbi-denominated trade transactions between Hong Kong and the five mainland cities – Shanghai, Shenzhen, Guangzhou, Dongguan and Zhuhai.

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