PBoC statistics show rapid increase in renminbi trade

Chinese currency

Chinese cross-border trade denominated in renminbi leapt by 41% last year, according to figures published by the People's Bank of China (PBoC) on January 14.

Financial statistics for 2012 show cross-border trade settlements rose to 2.94 trillion yuan ($472 billion) over the year, up from 2.08 trillion yuan in 2011. Foreign direct investment was also up substantially, rising from 110.9 billion yuan in 2011 to 280.2 billion yuan in 2012.

The increase in renminbi use follows a year of efforts by

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