THE yuan settlement in cross-border trade has developed quickly in Qingdao since the city started piloting the business in June.

    By Dec. 24, the total yuan settlement in cross-border trade was 6.39 billion yuan with more than 20 countries and regions in Asia, Europe, America and Oceania. Qingdao was the first city to reach 6 billion yuan in the second group of cities to pilot yuan trade settlement, according to the Qingdao Branch of People’s Bank of China.

    Yuan settlement was mainly in exports and imports, clothing and cross-border financing guarantees.

    A total of 2,939 exporting companies in Qingdao were approved by authorities to open yuan settlement in cross-border trade Dec. 3. So far, several of these companies had already applied to the bank to start yuan settlement and more were expected.

    (Stephy Wong, Fu Jun)