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The Latest Headlines
The Latest Headlines
UPDATED: October 21, 2014
China's Cross-Border RMB Settlement Exceeds 4.8 Trln Yuan
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China's central bank announced Monday that the country's cross-border RMB settlement has exceeded 4.8 trillion yuan ($781.31 billion) by the end of September this year.

The People's Bank of China (PBOC) announced on its website that the 4.8-trillion-yuan settlement helped RMB become China's second largest cross-border payment currency.

"Reform and opening-up boosts the RMB settlement businesses," the PBOC's vice governor Hu Xiaolian said. "RMB's internationalization contributes a lot to global financial market."

The pilot cross-border RMB settlement was approved by the State Council in July 2009, which stood at only 3.58 billion yuan ($582.72 million) by the year end, according to the PBOC.

(Xinhua News Agency October 20, 2014)



 
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