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RMB popular among China's neighbors

www.chinanews.cn 2005-02-25 14:14:14

Chinanews, Beijing, Feb. 24(By Liu Yuying and Wen Yang) - The People's
Bank of China pointed out in its "Monetary Policy Report for the Fourth
Quarter of 2004" issued today that, because of China's increasing
economic strength, its rapidly developing economic and trade ties with
other countries as well as the long-term stability of its currency, the
RMB is being accepted by more and more business entities among China's
neighboring countries and regions.
The report revealed that the RMB has been widely used in border markets
for small amount transactions as the denominator for valuation, payment
and settlement. Outbound circulation of the RMB continued to rise.
In recent years, the People's Bank of China has signed settlement
agreements on border trade with Vietnam, Mongolia, Laos, Nepal, Russian,
North Korea and the Kyrgyz Republic. Such agreements allowed the RMB and
the currencies of these neighboring countries to be used for border trade
settlements. Under these agreements, commercial banks from these
countries can open RMB accounts for bank settlement services and currency
exchange services in the border regions. The same rights were granted to
Chinese commercial banks in the border area. The agreements also allow
commercial banks from all signatory countries to transport large amounts
of RMB across the border for clearing after registering at the customs.

          ��RMB interest rate begins to cool off (2005-02-24)
          ��China to fully open its RMB bank card business (2005-02-16)
          ��G7 meeting expected to find it hard to force RMB appreciation
(2005-02-01)
          ��Soros opposed excessive pressure on RMB (2005-02-01)
          ��Wrong timing for adjusting the RMB (2005-01-27)
          ��RMB Appreciation to create its own bubble? (2005-01-20)
          ��Foreign-funded banks accelerated expansion of RMB business
(2005-01-11)

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