China today expanded the use of the yuan for trade settlement to 18 more provinces and cities, almost one year after introducing the move in five cities.
Companies based in Beijing, Shandong, Jiangsu and Zhejiang can now use the yuan to pay for cross-border transactions, according to a statement on the website of the People’s Bank of China. Companies in Shanghai and four cities in Guangdong have been using the local currency for international trade since July last year.
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