www.chinaview.cn 2009-04-16 13:15:38

Special Report: Global Financial Crisis

GUANGZHOU , April 16 (Xinhua) -- Buyers and sellers at the 105th Canton Fair in south China's Guangdong Province are no longer restricted to using the U.S. dollar to settle their deals. This year they can also use the yuan, China's currency.

Last week, the State Council (Cabinet) gave the green light to five major trade cities -- Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan -- to use the yuan, also known as Renminbi, as an option to settle international trade deals.

Last December, pilot programs were announced to allow the country's two economic powerhouses, Guangdong Province and the Yangtze River Delta (including Shanghai), to use the yuan to settle trade deals with the two special administrative regions of Hong Kong and Macao.

A similar arrangement has been proposed for exporters in Guangxi Zhuang Autonomous Region and Yunnan Province in south China, which will be allowed to use the yuan to settle trade with ASEAN (Association of Southeast Asian Nations) members starting this year. Details of that program are yet to be disclosed.