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PBOC - Push For Yuan Internationalisation

CHINA PRESS
MNI (BEIJING)

Banks in China will be encouraged to carry out overseas yuan loans, lower transaction financing costs, and support the settlement of bulk commodities and trade of all types in the yuan, according to a circular jointly issued by the People’s Bank Of China and Ministry of Commerce. Support should be given to promote yuan-denominated trading with RCEP members, and encourage local governments to use special funds targeting trade services innovation, and projects likely to boost yuan transactions abroad, according to the PBOC. For overseas projects, such as those included in the Belt and Road initiative, priority should be given to use the yuan to settle business transactions.

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Banks in China will be encouraged to carry out overseas yuan loans, lower transaction financing costs, and support the settlement of bulk commodities and trade of all types in the yuan, according to a circular jointly issued by the People’s Bank Of China and Ministry of Commerce. Support should be given to promote yuan-denominated trading with RCEP members, and encourage local governments to use special funds targeting trade services innovation, and projects likely to boost yuan transactions abroad, according to the PBOC. For overseas projects, such as those included in the Belt and Road initiative, priority should be given to use the yuan to settle business transactions.