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China Should Expand Use of Yuan in Global Settlement: Journal

MNI (Singapore)

China should expand the scope of yuan pricing and settlement, and facilitate the use of yuan in cross-border trade and finance to promote the internationalization of yuan, the China Securities Journal reported citing Tu Yonghong, deputy director of the International Monetary Institute at Renmin University. China should facilitate the use of yuan when conducting direct investment overseas by adopting a "closed-loop" yuan-based capital flow, the journal said citing Tu. Yuan settlement accounted for only 14.7% of China's foreign trade in H1, the newspaper said citing Guan Tao, a former FX regulatory official.

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