China moves toward greater international use of yuan

02/29/2012 | Wall Street Journal, The

The Shenzhen branch of China's central bank said in a directive that some area banks will be allowed to offer cross-border yuan-remittance services to individual customers, sources said. The move is China's latest in promoting the yuan's international use. "Yuan internationalization started first with allowing businesses to settle trade in the yuan," one source said. "Now [authorities] are planning on bringing down the walls for individuals."

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