Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

China promotes use of yuan among Southeast Asian nations

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2019 | 08:51am EDT
Illustration photo of a China yuan note

SHANGHAI (Reuters) - China published a five-year blueprint on Friday seeking economic and financial integration between southern Guangxi province and Southeast Asia, representing Beijing's latest effort to promote international use of the yuan currency.

China's state council, or cabinet, has agreed to build Guangxi, which borders Vietnam, into a financial gateway between the Association of Southeast Asian Nations (ASEAN) and China, the world's second biggest economy, the People's Bank of China (PBOC) said in a statement on its website.

As a key objective of the plan, China will promote the use of the yuan among ASEAN countries, with plans to facilitate cross-border trade settlement, currency transactions, investment and financing in the Chinese currency.

More specifically, China will encourage the use of yuan in its commodities trade with ASEAN, support yuan-denominated lending to projects in the region, seek to build offshore yuan markets and promote cross-border financial investments.

The plan, which spans five years until the end of 2023, was jointly published by 13 Chinese government agencies including the central bank, the foreign exchange regulator, the securities watchdog and the ministry of finance.

ASEAN has 10 members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Philippines, Myanmar, Singapore, Thailand and Vietnam.

(Reporting by Samuel Shen and Andrew Galbraith)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
08:59aWall St. set for lower open after Fed's abrupt dovish turn
RE
08:59aTRUMP : Tariffs on China Will Remain
DJ
08:55aEUROPEAN PARLIAMENT : AMENDMENTS 102-108 - REPORT on the proposal for a regulation of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment - A8-0175/2019(102-108)
PU
08:55aMALAWI : From boreholes to public taps: rural communities to access improved water supply thanks to the African development Bank
PU
08:51aA Central Banking Domino Effect Is in Motion -- Update
DJ
08:48aMARKET SNAPSHOT: Stock-index Futures Trade Lower After Fed Signals Rates On Hold Amid Growth Worries
DJ
08:46aJobless Claims in the U.S. Declined in Mid-March
DJ
08:44aCANADA ADDS JOBS IN FEBRUARY, LED BY PROFESSIONAL SERVICES : Adp
RE
08:44aBOND REPORT : 10-year U.S. Government Bond Yield Extends Decline To Set Fresh 15-month Low
DJ
08:42aGlobal stocks wilt as Fed shift sparks stampede into bonds
RE
Latest news "Economy & Forex"
Advertisement