Economy

BOC's yuan cross-border settlements exceeds 80b yuan

(Xinhua)
Updated: 2010-11-10 11:24

BEIJING - Bank of China (BOC), the country's fourth-largest bank by assets, said Tuesday its yuan cross-border trade  settlement business had exceeded 80 billion yuan ($12.02 billion) by the end of October.

According to a statement released Tuesday on BOC's website, the bank's offices in China conducted more than 5,500 transactions using yuan for settlement of cross-border trade.

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BOC's yuan cross-border settlement business has been growing rapidly since the central bank expanded the trial of yuan cross-border trade settlements to 20 provinces and municipalities and autonomous regions in China and overseas markets in June.

The Chinese government first allowed the trial of yuan cross-border settlement business in July 2009.

Till now, BOC's offices in China have opened more than 230 yuan settlement accounts for overseas banks participating in this business,  with clients from more than 30 countries and regions around the world now using the BOC's settlement services.