Business / Markets

Cross-border yuan trade pilot programs

( Updated: 2012-11-20 14:25

China's central bank governor Zhou Xiaochuan said on Tuesday the authorities will explore and develop pilot programs on individual cross-border yuan business.

While attending a forum in Beijing, Zhou said that pilot programs on individuals' cross-border yuan usage would be extended and pilot projects for qualified individual investors to settle transactions in yuan would be promoted "prudently" and in an "orderly" manner.

The Chinese government has been making efforts to float its currency yuan globally since the financial crisis to reduce dependence on US dollars and so avoid too much volatility related to the latter's dramatic fluctuations.

The central government will continue to support Hong Kong developing as an offshore yuan business center, he said.

China has been conducting research on developing pilot programs for individual cross-border yuan usage in cities in the Pearl River Delta area, which is close to Hong Kong, said deputy central bank governor Pan Gongsheng earlier.

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