The State Council has expanded the cross-border yuan settlement pilot program to 20 provinces, caing.com reported Friday.
Exports and imports involving all countries or regions can be settled in yuan in these 20 provinces, according to Li Dongrong, assistant governor of the People's Bank of China, the central bank.
The 20 provinces may include Sichuan, Jiangsu, Fujian and Yunnan. The final list will be disclosed later, according to caing.com.
The State Council, or Cabinet, announced in April 2009 a pilot program to allow exporters and importers in five cities -- Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan -- to settle cross-border trade deals in yuan when they trade with companies located in Hong Kong and Macao special administrative regions and members of the Association of Southeast Asian Nations.
The foreign trade volume settled in yuan amounted to 44.55 billion yuan $6.52 billion by the end of May this year.
