CNY-based cross-border trade slows down

In July 2014, 49.91 USD billion (CNY 306.7 billion) worth of goods were settled in the Chinese currency, down 11.7% from June 2014, according to Bank of China (BOC), Chinas largest CNY clearing bank. The amount of goods settled in CNY accounted for about 13.2% of Chinas total imports and exports, 3.3% points lower than in June 2014.

However, the CNY kept the world 7th seventh most traded currency in July 2014, contributing to about 1.57% of global payments, according to BOC.

BOC has opened more than 1,200 inter-bank CNY clearing accounts and 1.7 million CNY accounts for corporate and individual clients overseas.

The bank almost doubled its CNY payment and clearing business from a year ago to USD 18.23 trillion (CNY 112 trillion) in Q1 2014, BOC data reveals.