Nation looks to boost international use of yuan for trade

Clearing, settlement arrangements extend to banks across Europe and Asia, reports Jiang Xueqing

China is strengthening its policy on yuan internationalization by promoting wider use of the currency around the world.

The People's Bank of China signed a memorandum of understanding regarding yuan clearing and settlement arrangements with the Bank of Korea on July 3, just several days after it signed similar arrangements with the central banks of Luxembourg and France.