Economy

Japan's BTMU settles trade in yuan for 1st time

(Xinhua)
Updated: 2010-03-25 15:31

TOKYO - The Bank of Tokyo-Mitsubishi UFJ ( BTMU) has settled trade with China using the yuan as currency for the first time, local media reported on Thursday.

BTMU mediated a deal involving the nation's largest ink producer DIC Corp and some of its units in China using yuan, an official from the bank said.

DIC allowed its Chinese units use the yuan for the transaction on a trial basis in order to save them time. Once in the nation, the currency was converted into dollars or yen, which can be used for transactions in Japan.

On July 6, 2009, the Bank of China (BOC) announced that it had transacted the first cross-border yuan trade settlement deal. BOC President Li Lihui said at the ceremony of the first yuan trade settlement that the deal could facilitate trade between China and neighboring countries and regions and help enterprises avoid exchange rate risks.