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10Jan14

China to expand cross-border use of RMB: PBOC

China will continue to expand the cross-border use of the Chinese currency, the Renminbi or yuan, this year, China's central bank said Friday.

The Chinese yuan's cross-border settlement reached 3.64 trillion yuan(596.6 billion U.S.dollars) in the first eleven months of 2013, which was 350 times the amount in 2009, the People's Bank of China (PBOC) said at a work-planning meeting.

Meanwhile,the PBOC will maintain steady monetary credit growth, improve the multi-tier capital market, modernize financial services and engage further in international financial regulation policy-making this year.

[Source: Xinhua, Beijing, 10Jan14]
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