Canton Fair to Promote Yuan Use
China Daily, October 15, 2013 Adjust font size:
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A buyer examines garments at the China Import and Export Fair in Guangzhou, Guangdong Province. The fair, also known as Canton Fair, opens on Tuesday for its autumn session. [Xinhua] |
Transactions during the China Import and Export Fair, the country's largest trade event, will be for the first time announced in the form of yuan settlement, organizers said on Monday.
"The move is part of an effort by the organizers to help accelerate the yuan's internationalization," said Liu Jianjun, spokesman for the fair and deputy director of the China Foreign Trade Center.
The 114th session of the twice-a-year fair, widely known as the Canton Fair, will open on Tuesday in Guangzhou, the capital of Guangdong Province.
"Transactions conducted with yuan-denominated settlement will also help promote the yuan business of Chinese exporters during the fair. It will help avoid losses caused by a stronger yuan," Liu said.
The yuan strengthened to a 20-year high after the central bank set the currency's reference rate at a record high. The People's Bank of China raised its daily fixing by 0.08 percent to 6.1406 per dollar, the strongest since a peg to the greenback was lifted in July 2005.
