China-Europe Yuan settlement grows fast in May

GMT 02:28 2014 Monday ,14 July

Arab Today, arab today China-Europe Yuan settlement grows fast in May

China's Yuan
Beijing - QNA

The China-Europe settlement of Chinese currency renminbi, or the yuan, saw fast growth in May, according to a report unveiled by the Bank of China.
The yuan settlement amount between China's mainland and four European countries Germany, Britain, Luxembourg and France doubled from a year earlier, with their total taking up a share of 8% in China's overall cross-border yuan settlement, the report showed.
In spite of the strong growth in Europe, Asia continued to take the lion's share. Hong Kong, Macao, Taiwan, Singapore, Japan, the Republic of Korea and Vietnam jointly took up 77.5% of the total, the report showed.
In May, total cross-border yuan settlement amounted to 594.2 billion yuan about (96.67 billion US dollars), surging 52.6% year on year, according to China's (Xinhua) News Agency.
"The yuan has been used abroad more extensively, with more reasonable regional distribution," the report said.
Last month, China's central bank appointed clearing banks for yuan businesses in London and Frankfurt, and signed two memorandums of understanding on renminbi clearing with the central banks of Luxembourg and France.

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