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China expands yuan trade settlement programme

BEIJING, June 17 (Reuters) - China is vastly expanding a pilot programme allowing imports and exports to be settled in yuan, state radio reported on Thursday.

Citing a decision by the State Council, China’s cabinet, the report said traders in every country would be eligible to participate in the scheme. Currently it is restricted to firms in Hong Kong and Macao.

Trading companies in 20 Chinese provinces would henceforth be allowed to invoice in yuan. Currently only selected firms in Shanghai and Guangdong are allowed to do so. (Reporting by Zhou Xin and Alan Wheatley)

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