x

Shanghai records rapid growth in cross-border yuan use in 2 months March 20, 2020 3:17

Shanghai has recorded fast growth in the cross-border use of the Chinese yuan in the first two months of 2020, Central Bank data showed.

According to the bank, the record jumped 33 per cent year on year to 1.83 trillion yuan (about 259 billion U.S. dollars).

It said within January and February, cross-border yuan payment in the financial hub surged 51 per cent from the same period last year.

While cross-border yuan receipt went up to 19 per cent, according to the People’s Bank of China (PBOC) Shanghai Head Office.

“The cross-border payment and receipt of yuan in Shanghai accounted for 54 per cent of the national total in the two months.

“Its growth rate has outpaced the national pace of increase by 10 percentage points.

“Thanks to facilitating measures, the cross-border use of yuan on goods trade increased one per cent year on year in the reporting period.

“Bucking a broader declining trend as foreign trade weakened in the wake of the novel coronavirus outbreak,” the central bank said.

The bank, however, noted that the use of yuan in cross-border direct investment in Shanghai climbed to 46 per cent in the two-month period due to rising use of the two-way cross-border yuan capital pool.

It said that this helped domestic firms facing cash strain during the outbreak obtain funding support from their parent companies overseas in a timely and cost-efficient manner.(Xinhua/NAN)

Hot this week

Kaduna: Corpse of 3-Year-Old Flood Victim Recovered in Zaria

By Achadu Gabriel, Kaduna The body of a three-year-old girl,...

Ministry of Interior Honours Retirees for Outstanding Service

The Permanent Secretary, Ministry of Interior, Dr. Magdalene Ajani,...

Tinubu Flags Off Construction of Benue’s First Flyover

By Isaac Kertyo, Makurdi President Bola Ahmed Tinubu has flagged...

Pray for Peace, Development of Nigeria, Mahmoud Urges FCT Christian Pilgrims

By Joyce Remi-Babayeju FCT Minister of State, Dr. Mariya Mahmoud,...

A’Ibom Commissioner seeks royal support for voter registration, Gov Eno’s Arise Project

By Ogenyi Ogenyi,Uyo Traditional leaders in Akwa Ibom have been...

Prof. Usman Ogbo Moves to Curb Rumoured Protest Over Fee Hike in Kogi Poly

By Noah Ocheni, Lokoja The management of Kogi State Polytechnic,...

New Green Empowerment Initiative Visits Sokoto Education Ministry

By Muhammad Ibrahim, Sokoto The New Green Empowerment Initiative (NGEI)...

Sokoto Partners Livestock Insurance Firms to Boost Cattle Production

By Muhammad Ibrahim, Sokoto The Sokoto State Livestock Productivity and...

China Inaugurates 14th ‘Chinese Corner’ in Abuja

By Francis Wilfred The Chinese Embassy in Nigeria has inaugurated...

Gov Sule Hands Over Headquarters Complex to North Central Development Commission in Lafia

By Israel Adamu, Jos Nasarawa State Governor, Engr. Abdullahi Sule,...

Kogi Govt Vows to Clamp Down on Youth Aiding Bandits

By Noah Ocheni, Lokoja The Kogi State Government has warned...

8th Zenith Bank/Delta Principals’ Cup Kicks Off September 18

By Anne Azuka The 8th edition of the Zenith Bank/Delta...

Related Articles

Popular Categories

spot_imgspot_img