{"id":41801,"date":"2009-07-07T01:35:02","date_gmt":"2009-07-07T08:35:02","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=41801"},"modified":"2009-07-07T07:21:30","modified_gmt":"2009-07-07T14:21:30","slug":"yuan-ascendent-cross-border-trade-uses-chinese-currency","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2009\/07\/yuan-ascendent-cross-border-trade-uses-chinese-currency\/","title":{"rendered":"Yuan Ascendent: Cross-Border Trade Uses Chinese Currency"},"content":{"rendered":"<p>From <a href=\"http:\/\/online.wsj.com\/article\/SB124692690965103237.html?mod=googlenews_wsj\">Wall Street Journal<\/a>:<\/p>\n<blockquote><p>Three Shanghai companies used the yuan to settle cross-border trade deals for the first time Monday, a step toward promoting broader use of the Chinese currency internationally and, over time, reducing China&#8217;s dependence on the dollar.<\/p>\n<p>Bank of China Ltd. settled a trading deal by a unit of Shanghai Electric Group, a manufacturer of mechanical and electrical equipment. Bank of Communications Ltd. settled trades by Shanghai Silk Group Co., a textiles exporter, and by a Shanghai-based trading house whose English name wasn&#8217;t available.<\/p>\n<p>Chinese officials have said the yuan-based trade experiment is aimed at helping companies reduce the risks of exchange-rate fluctuations, which have led to significant losses at some exporters recently amid global financial-market turbulence. Officials also have in recent months voiced concerns about China&#8217;s dependence on the dollar, which is used for most cross-border deals and which comprises the majority of China&#8217;s roughly $2 trillion in foreign-exchange reserves.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>From Wall Street Journal: Three Shanghai companies used the yuan to settle cross-border trade deals for the first time Monday, a step toward promoting broader use of the Chinese currency internationally and, over time, reducing China&#8217;s dependence on the dollar. Bank of China Ltd. settled a trading deal by a unit of Shanghai Electric Group, [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[116,2],"tags":[565,442],"class_list":["post-41801","post","type-post","status-publish","format-standard","hentry","category-world","category-economy","tag-currency","tag-renminbi","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yuan Ascendent: Cross-Border Trade Uses Chinese Currency<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2009\/07\/yuan-ascendent-cross-border-trade-uses-chinese-currency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yuan Ascendent: Cross-Border Trade Uses Chinese Currency\" \/>\n<meta property=\"og:description\" content=\"From Wall Street Journal: Three Shanghai companies used the yuan to settle cross-border trade deals for the first time Monday, a step toward promoting broader use of the Chinese currency internationally and, over time, reducing China&#8217;s dependence on the dollar. 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