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Yuan payment pilot program may expand

Yuan payment pilot program may expand article image
China will look to extend its yuan payment program to more provinces and partners, according to Li Bo, head of the legal affairs department at the People's Bank of China. The program is designed to test whether payment in Chinese yuan, as opposed to currencies such as the US dollar, is viable for international trade. Currently the program is restricted to Shanghai and Guandong provinces, and Hong Kong and the Association of Southeast Asian Nations member countries. Li said other provinces have applied to join the program, as well as countries with existing currency swap deals with China, including South Korea, Argentina and Belarus. "We are seriously considering these appeals," said Li.

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