(ECNS) – China will encourage increased cross-border use of the yuan in its economic development zones to further globalize the currency.
In a notice released Friday on upgrading China's national economic and technical development zones, the State Council encouraged trial programs of cross-border RMB settlement, capital account convertibility and foreign exchange management reforms.
By 2014, China had 215 national economic development zones, contributing to the country's economy by raising its GDP, attracting foreign direct investment and creating jobs.
China has been taking big strides in RMB globalization. According to Bank of China, in the first three quarters of 2014, the amount of cross-border RMB trade settlement reached 4.8 trillion yuan ($780 billion), surpassing the 2013 total.
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