The Bank of China (BOC), China's largest foreign exchange bank, announced Tuesday it had transacted more than 200 million yuan ($29.3 million) in cross-border trade settlement using the yuan since it launched the pilot scheme in April this year.
By the end of November, BOC's mainland branches has opened the service to more than 40 percent of the pilot enterprises, and the BOC Hong Kong has opened renminbi settlement accounts for 4,700 companies in Hong Kong, said Li Lihui, president of the BOC.
Although the market response to the cross-border trade settlement with the yuan has been encouraging, it is still in its initial stage and the scale is small, said Li.
The market still needs nurturing and supporting measures need to be improved, said Li.
China's State Council, or the Cabinet, announced in April a pilot program to allow exporters and importers in Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan to settle cross-border trade deals in renminbi or yuan.
