China will pilot RMB trade settlement in Northeast China

China’s state television reported that the Chinese government said on Monday that it would expand the scope of the RMB Cross-border trade settlement pilot to the northeastern region of China.

It is said that a meeting hosted by Chinese Premier Wen Jiabao outlined the above plan, which is one of the measures taken by the government to deepen the reform of the Northeast industrial base.

The report did not provide a timeline and other details of the pilot.

China has already launched a trial of RMB cross-border trade settlement in five cities including Shanghai.

The Chinese government has previously stated that other provinces that will participate in the pilot cross-border trade settlement of the renminbi will include Yunnan Province and Guangxi Zhuang Autonomous Region in the southwest. The central government has been hoping to improve the liquidity of the renminbi outside of China and enhance the stability of exports through pilot projects, and help the renminbi become an international currency.

The report also quoted the contents of the above meeting as saying that the government will further develop the coastal economic belt of Liaoning Province, the Tumen River area of ​​Jilin Province, and the Suifenhe Bonded Area of ​​Heilongjiang Province bordering Russia.

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