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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China to let yuan be used in some export deals By ANITA CHANG,Associated Press Writer AP - 2 hours 12 minutes ago BEIJING - China will launch a pilot project allowing its currency to be used in some international trade transactions, the government announced, a move aimed at shoring up the country's battered exporters. The program would permit use of the yuan in trade between the self-governed Chinese territories of Hong Kong and Macau and the heart of the mainland export industry, Guangdong province and the Yangtze River delta, the central government Web site said in a statement late Wednesday. The statement also said transactions would be allowed between the southwestern Chinese regions of Yunnan and Guangxi and the 10-member Association of Southeast Asian Nations. Other details were not announced, and it was not known when the program would begin, how long it would last or what mechanisms would be put in place to allow the money flow back and forth. The program was one of several economic stimulus measures announced by Premier Wen Jiabao, including an increase in the number of stores in rural areas and a rise in export tax rebates for high-tech products. The currency pilot project aims to "improve financial services for exports" and "help small and medium-sized companies," the government statement said. The Chinese yuan is currently not internationally traded and mainland companies seeking to do export business mostly work with dollars and euros. The pilot program would simplify the process at a time when Chinese exporters have been hammered by a drop in foreign demand, leading to thousands of factory closures and layoffs. The malaise is also spreading inland as domestic demand for steel, autos and other goods weakens. Communist leaders have warned that more job losses might fuel unrest and are pressing employers to minimize cutbacks. In the longer term, the program could be a small first step toward allowing the yuan to be traded internationally, with increased demand for Chinese currency helping to boost its value. The U.S. has long argued that the yuan is undervalued, giving China's exporters an unfair price advantage and adding to its trade surplus. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Dollar slips against yen in Christmas tradeAFP - 22 minutes ago Vietnam inflation reaches 22.97 percent in 2008AFP - 25 minutes ago China to let yuan be used in some export dealsAP - 2 hours 12 minutes ago China unveils new measures to boost trade, consumption: state mediaAFP - Thursday, December 25 Related Articles: Business Dollar slips against yen in Christmas tradeAFP - 22 minutes ago Vietnam inflation reaches 22.97 percent in 2008AFP - 25 minutes ago Kamezaki:BOJ should eye longer-term rates if neededReuters - 32 minutes ago Turkey - Factors to Watch on Dec 25Reuters - 32 minutes ago Takeda to cancel 3.1 pct of own shares outstandingReuters - 38 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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