China to promote yuan settlement in Xinjiang trade
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China's central bank will push forward yuan settlement in cross-border trade and investment in the western Xinjiang Uygur Autonomous Region, Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said Tuesday.
Zhou said it was one of PBOC's important moves amid the central government's efforts to achieve leapfrog development and lasting stability in Xinjiang. However, he did not elaborate on the plan nor give a timetable.
He said the PBOC would also support the development of small and medium-sized enterprises in Xinjiang.
Chinese exporters and importers in five cities -- Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan -- are already allowed to settle cross-border trade deals in yuan.
A PBOC report said last month that the country needs to expand yuan cross-border settlement when conditions allow.
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