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China Banker Urges Yuan Use For Oil Settlement To Boost Global Role - Report

Tuesday, 21 February 2012 | 00:00
China could consider using the yuan in international oil pricing and settlement to boost the global role of its currency, a senior executive at a top Chinese commercial bank said in remarks published Monday.
"If the yuan can make a breakthrough with oil producing countries, and become one of the major oil pricing and settlement currencies along with the rouble and others, it can largely enhance the yuan's status," Cao Tong, senior vice president at China Citic Bank Corp. (0998.HK), the nation's seventh-largest lender by assets, said in an essay published in the central bank-run Financial News.
China has been boosting the international use of the yuan by using it in cross-border trade settlement, creating a yuan-denominated bond market in Hong Kong and allowing Hong Kong banks to take yuan deposits.
China has already signed bilateral currency swap deals with some central Asian countries including Kazakhstan and Uzbekistan as parts of efforts to boost the use of the yuan and to secure oil supply.
Source: Dow Jones
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