CNY-based cross-border payments grow by leaps and bounds

Wednesday 22 October 2014 14:18 CET | News

The Peoples Bank of China has reported that CNY-based payments across borders are significantly increasing in the first 3 quarters of 2014.

In terms of value, there were reported around USD 785 billion (CNY 4.8 trillion) worth of cross-border settlements made in CNY, from January to August 2014, reports. That figure was only USD 588 (CNY 3.6-billion) in 2009.

Hu Xiaolan, the vice-governor of the central bank, has claimed that no more than 174 countries and regions are involved in CNY cross-border settlements with China. He further explained that, as such, companies can avoid the risks caused by the exchange rate fluctuations.

However, the Chinese currency still only accounts for around 2.5% of all global trade settlement.

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Keywords: CNY, cross-border, payments , growth, PBOC, bank, institution, increase, quarter, Hu Xiaolan, governor, statistics
Categories: Payments & Commerce
Countries: World
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