People’s Bank of China (PBOC) is seeking to expand its cross-border renminbi settlement plan to more regions, China Daily reports. Previously, the project was offered to 20 provincial regions in China. The central bank will also open up the domestic financial market to allow more overseas banks to enter China’s interbank market. The total cross-border renminbi transactions reached $77.69 billion in 2010, while the transactions reached $ 55.3 billion in the first quarter of 2011.
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