More foreign companies using yuan

Source : IANS
Last Updated: Tue, Nov 13, 2012 07:40 hrs

Beijing, Nov 13 (IANS) The number of foreign companies using the yuan as their currency of choice has surged after rules introduced this year allowed yuan settlements for Chinese traders.

The number of French companies paying in yuan increased by 30 percent in the second quarter from the previous quarter, China Daily reported Tuesday.

Australian companies closely followed that example with a rise of 25 percent in the same period, according to Western Union, a global payment company.

The People's Bank of China allowed Chinese importers and exporters to settle trade using the yuan in March.

"In a very short period of time we have seen a marked increase in the number, and value, of payments companies are sending to China through the renminbi," said Gareth Heald, regional finance director of Western Union Business Solutions.

China was responsible for about 11 percent of world trade in 2011.

More from Sify: