China promotes use of yuan among Southeast Asian nations
SHANGHAI, Jan 11 (Reuters) - China published a five-year
blueprint on Friday seeking economic and financial integration
between southern Guangxi province and Southeast Asia,
representing Beijing's latest effort to promote international
use of the yuan currency.
China's state council, or cabinet, has agreed to build
Guangxi, which borders Vietnam, into a financial gateway between
the Association of Southeast Asian Nations (ASEAN) and China,
the world's second biggest economy, the People's Bank of China
(PBOC) said in a statement on its website.
As a key objective of the plan, China will promote the use
of the yuan among ASEAN countries, with plans to facilitate
cross-border trade settlement, currency transactions, investment
and financing in the Chinese currency.
More specifically, China will encourage the use of yuan in
its commodities trade with ASEAN, support yuan-denominated
lending to projects in the region, seek to build offshore yuan
markets and promote cross-border financial investments.
The plan, which spans five years until the end of 2023, was
jointly published by 13 Chinese government agencies including
the central bank, the foreign exchange regulator, the securities
watchdog and the ministry of finance.
ASEAN has 10 members: Brunei, Cambodia, Indonesia, Laos,
Malaysia, Philippines, Myanmar, Singapore, Thailand and Vietnam.
(Reporting by Samuel Shen and Andrew Galbraith)
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