From Caijing Magazine:
After months of uncertainty, a pilot program for yuan-based trade settlement took a substantial step forward when the People’s Bank of China, the central bank, recently released new rules for cross-border transactions.
That same day – July 2 — Shanghai officials said they were ready to launch the first transaction for a program approved by the State Council, China’s cabinet, almost three months earlier.
The Standing Committee of the State Council decided April 8 that five cities would be allowed to launch yuan settlement for cross-border trade. But according to a central bank source, that committee meeting ended without an agreement on implementation measures, leaving work on complex details to government agencies and banks. And Shanghai’s program launch stumbled and had to be suddenly canceled for “technical reasons.”