China and the United States signed a memorandum on cooperation for yuan settlements
Date: 13:15, 09-06-2016.
Almaty. June 9. Silkroadnews – People’s Bank of China (PBOC) has announced the signing of memorandum on cooperation for yuan settlements in the United States together with the US Federal Reserve System, Xinhua news agency reports.
The PBOC announced the expansion of the pilot zone under the country’s Renminbi Qualified Foreign Institutional Investor (RQFII) program with the United States, meaning China’s granting the United States a quota of 250 billion yuan for purchase of “A” shares on China’s stock market.
The PBOC noted this indicates an important new step in the China-US financial cooperation and contributes to cross-border transactions in RMB between the companies and financial institutions in China and the United States.
