Friday, April 15, 2011

Yuan to be used more in trade, says China central bank chief

BOAO, China, April 16 — China’s yuan will be used more often for settling trade in future if the dollar proves “unstable”, Zhou Xiaochuan, governor of the People’s Bank of China (PBOC), said today.

The yuan will be fully convertible one day but there is no timetable for that, Zhou also told a briefing on the sidelines of the Boao Forum for Asia on the tropical Chinese island of Hainan. He added that China was still under-represented at the International Monetary Fund and World Bank in terms of the size of the Chinese economy. — Reuters

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