China is "very likely to give the green light" for companies in Yunnan Province and Guangxi Zhuang Autonomous Region to settle international trade in yuan with Southeast Asian countries, according to state media.
The move - which comes after the announcement that trade payments with Hong Kong will be settled in yuan from next month - will "protect exporters from currency fluctuations and help boost trade with the 10-nation Association of Southeast Asian Nations," Nong Rong, Vice Secretary General of the China-ASEAN Expo, was quoted as saying by Bloomberg News.
"Some companies that were deterred by foreign-exchange risks may now seek to expand overseas as the risks have been reduced," Nong added. "The yuan settlement is expected to help stabilize trade, trim currency exposure for exporters and build up the yuan's position in the international monetary system, which now centers on the United States dollar," state media writes.
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