Bank of China primes for yuan settlement

Bank of China (BOC), the country's third largest lender, has been selected as the settlement bank for a pilot program that allows part of the regional trade to be settled in renminbi.

A formal announcement on the bank's role in the program would be made before the end of this month, said a BOC source.

China's State Council, the cabinet, announced plans to begin yuan settlement trials with some economies in December 2008.