Yuan for payment offers scope for cooperation

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November 14, 2013

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Yuan for payment offers scope for cooperation

By Wang Yanlin | November 14, 2013, Thursday |

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Germany’s state of Hessen, which counts Frankfurt as its biggest city, hopes to cooperate with Shanghai to expand the use of the yuan in settlement, its state minister said yesterday in Shanghai.

“The position of the Chinese yuan as a global trading currency is rising rapidly,” Florian Rentsch, Hessen’s minister of economics, transport, urban and regional development, said at the second Hessen-Shanghai Business Forum 2013.

He said Hessen eyes cooperation with Shanghai as reforms continue to promote the yuan into a global currency.

Rentsch proposed that Frankfurt be chosen as an offshore hub for the yuan as most companies in Hessen expect to use the yuan as a settlement currency in the state.

A survey revealed that 73 percent of respondents in Hessen are convinced the yuan is going to play an increasingly important role. More than 40 percent of them also said Frankfurt could be developed into an offshore yuan center.

Last month, the European Central Bank and the People’s Bank of China signed a currency swap arrangement for the yuan and euro. The three-year deal will see 350 billion yuan (US$57 billion) provided to the ECB and 45 billion euros offered to the PBOC.

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Yuan for payment offers scope for cooperation

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