Wednesday, October 27, 2010

Asean and China Updates

China will “steadily” promote the yuan’s trading and exchanges against currencies in the Association of Southeast Asian Nations, the People’s Bank of China said in a statement on its website today, citing Li Dongrong, assistant governor of the central bank.

China will continue to expand the use of local currencies in bilateral trade and enhance cross-border capital flow monitoring with ASEAN nations, according to the statement.


Also, Bank of China Ltd. plans to acquire banks in countries that are members of the Association of Southeastern Asian Nations, the Shanghai Securities News reported today, citing Vice President Yue Yi.


Sooner than later, the yuan will have a much stronger impact in the Asean region - as a rgional currency, perhaps.