China confident about HK yuan trading
06-03-2009
The Governor of the People's Bank of China, Zhou Xiaochuan, says China will soon allow Hong Kong to settle cross-border trade in yuan. He said there wasn't any major difficulty in the implementation of the settlement system. He said this was because Hong Kong started settlement trials in the retail and tourism trade in 2003. The yuan trade settlement system is seen as a step towards the greater convertibility of the currency. It will also reduce the potential exchange loss of Hong Kong companies.
