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The BOC is the first mainland bank to reach such agreements following rules published this week to regulate the pilot program for cross-border trade settled in yuan.
The BOC Shanghai branch had reached tentative agreements with 11 overseas agent banks on yuan trade settlement deals, said BOC spokesman Wang Zhaowen in a statement on the BOC website.
China Thursday issued detailed measures to regulate the pilot program for cross-border trade settled in yuan. The rules specified how to make transactions using Renminbi (RMB) to settle trade with Hong Kong and Macao and regional trade partners.
(XIC)maz
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