Xinjiang Pilots Cross-Border Yuan Investment Settlement
[2010-11-02 08:32:06]
Xinjiang has become host to China's first trial for yuan trade settlement. Some cross-border investment flows will be settled in yuan, in the far western region. The trial is the latest step by authorities to give the yuan a greater international role, as capital controls are gradually lifted.
This year Beijing announced a series of policies to fuel more economic growth for the restive but resource-rich region. The vice governor of the central bank says the project is aimed at mitigating foreign exchange risks and fostering Xinjiang's economic ties with neighboring countries.
Source: CNTV.CN
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