ASEAN yuan use widens

Chinese banks are poised to widen the use of the yuan among the Association of Southeast Asian Nations by expanding the scope of currency convertibility and conducting offshore trials of the currency.

The moves answer the latest call made by Premier Li Keqiang to implement bilateral and regional local-currency swap agreements to safeguard financial and economic stability in the region.

Bank of China Ltd, the country's most prolific foreign exchange provider, has enabled conversion of the Indonesian rupiah with the yuan across its branches in the Guangxi Zhuang autonomous region.