China to expand cross-border use of currency

China will continue to expand the cross-border use of the Chinese currency, the Renminbi or Yuan, this year, China’s central bank said.The Chinese Yuan’s cross-border settlement reached 3.64 trillion Yuan(596.6 billion US dollars) in the first eleven months of 2013, which was 350 times the amount in 2009, the People’s Bank of China (PBOC) said at a work-planning meeting. Meanwhile, the PBOC will maintain steady monetary credit growth, improve the multi-tier capital market, modernize financial services and engage further in international financial regulation policy-making this year.