China expands use of yuan in trade deals

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Updated July 10, 2009 11:01:54

Companies in China now have the option of using the yuan in international trade deals.

Beijing has quietly expanded the limited use of the Chinese currency, the yuan, which was formally restricted to regular traders in the border regions with Vietnam and Laos. The changes are on a trial basis and in future might be expanded through the ASEAN region. But the yuan is still a long way from challenging the dominance of the US dollar as the global reserve currency.

Presenter: Karon Snowdon
Speakers: Ben Simpfendorfer, Chief China Economist with the Royal bank of Scotland

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