China made a major move today - it has now extended it's cross border trade of the Yuan to the whole country. Seems to me China is now making huge steps to have the Yuan traded internationally and doing it fast now.
BEIJING - China announced on Tuesday that all parts of the country are able to use yuan, or its national currency the Renminbi, to settle cross-border trade.
Previously, only 20 provincial regions in the country could conduct cross-border trade settlement in yuan.
The policy was announced by the People's Bank of China, the country's central bank, and five other financial authorities.
This came after an announcement made by Vice-Premier Li Keqiang last week that the government would extend cross-border trade settlement in yuan to the whole country.
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