Beijing steps up bid for renminbi to become reserve currency

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The People's Bank of China will allow some cross-border trade transactions to be settled in renminbi as Beijing looks to enhance the currency's global role and curb its reliance on the dollar.

The central bank on Thursday issued proposals for a pilot scheme to allow "designated and eligible" firms to settle trades in renminbi voluntarily.

The central bank, the Ministry of Commerce, the General Administration of Customs, the State Administration of Taxation and the China Banking Regulatory Commis

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