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China to expand yuan settelment in cross border trade

Source:   Time:

China's central bank will continue to expand a trial program, under which cross boarder trades can be settled in yuan this year. It's part of plans to grow the currency's international role.

In a statement on its website, the central bank said it will increase the use of yuan in cross boarder investment and financing flows.

China also welcomes other countries to add yuan to their foreign exchange reserves, and will continue increasing its currency swap agreements with other countries. Chinese banks handled a combined 506 billion yuan in trade settlement business last year.

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