RMB trade settlement scheme expanded
Chinese officials have announced that the country's cross-border trade settlement programme will be expanded to approved corporates in 20 provinces, up from an initial two. The move is the latest government effort to internationalise the renminbi, a policy that began in 2009.
Launched last year, the trade settlement scheme allows approved users to settle cross-border trade transactions with Hong Kong, Macau and select Asean Association of Southeast Asian Nations states in the Chinese currency. Only select businesses in Guangdong province and Shanghai municipality were initially allowed to participate. Numerous banks offer the service, including HSBC which offers trade customers renminbi current accounts in Hong Kong and Standard Chartered...
