Source: CCTV.com

04-09-2009 18:59

Analyst believe the creation of Shanghai as an international financial hub will get a big boost from the RMB settlement scheme.

The state council said last month that it planned to turn Shanghai into an international financial hub by 2020. Many experts believe that won't be achieved without full convertibility of the Chinese currency.

Analyst believe the creation of Shanghai as an international financial hub will get a big boost from the RMB settlement  scheme.

The trial scheme to use yuan in foreign trade settlement is an important step toward full convertibility of the Chinese yuan.

Analysts say it will not only provide new business for local financial institutions, but also benefit the development of Shanghai as an RMB settlement center.

 

Editor:Liu Fang