China is working with ASEAN on yuan trade settlement agreement

China is working with ASEAN (Association of Southeast Asian Nations) on a settlement of yuan in trade, said Saturday Jin Qi, assistant governor of the People’s Bank of China (central bank).

Previous reports recently announced that China and ASEAN will sign a settlement in yuan for commercial transactions this year or next year.

Ms. Jin made the brief comment in the margins of the 3rd Summit of the Forum on China-ASEAN Financial Cooperation and Development held in Nanning, capital of Guangxi Zhuang Autonomous Region.

China plans to sign a framework agreement with ASEAN in order to pave the way for banks in China and ASEAN countries to start exchanging yuan for ASEAN currencies.