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Eximbank to Push Internationalization of RMB

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The Export-Import Bank of China (China Eximbank) said Monday it would push for a more internationalized Renminbi over the next five years and enhance the role of the Chinese currency in cross-border trade settlement.

Li Ruogu, President and Chairman of China Eximbank, spoke at the bank's internal meeting, saying the Chinese government policy bank would rely on its advantage in the use of Renminbi for cross-border trade settlement and yuan-denominated financing activities overseas to boost a more internationalized Renminbi in cross-border trade and investment. Li said China Eximbank, the only Chinese government export credit agency, would also continue to finance imports of advanced technologies, key equipment, energy and raw materials during the period.

Since 2007, China Eximbank has begun selling yuan-denominated bonds in Hong Kong to boost the pricing of Chinese goods and services in international trade.

Overseas demands for Renminbi-related products have been increasing in recent years after China took measures, such as signing currency-swap agreements with foreign countries and allowing yuan-denominated bond sales overseas.

To date, Chinese lenders, including China Eximbank, have sold more than 50 billion yuan (about US$7.5 billion) worth of yuan-denominated bonds in the Hong Kong market.

Earlier this month, China's central bank expanded its trial program for cross-border yuan trade settlement to 67,359 exporters from the previous 365 firms, beginning on December 3 this year.

(China Daily December 14, 2010)

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