669 Dongguan-based enterprises are officially approved to become the second batch to complete cross-border yuan trade settlement deals, according to Dongguan Central Branch of the People's Bank of China yesterday.
At the beginning of July 2009 when Dongguan joined in the pilot program to settle cross-border trade deals in Renminbi, there were only 59 enterprises in Dongguan became the first batch to try yuan settlement in cross-border business transactions. Statistics show that the aggregate yuan settlement amount in Dongguan has surpassed 13 billion yuan in total as of July 2009 to December 2010.
Cross-border yuan trade settlements are expected help firms simplify currency trading procedures, reduce losses through converting foreign exchanges and reduce derivative fees in selecting RMB financial products for foreign purchasers.
Click to read the Chinese version 669家莞企获人民币结算试点