China wants to sign an agreement with ASEAN to use RMB to settle bilateral trade

Two sources said that China plans to sign an agreement with the Association of Southeast Asian Nations (ASEAN, 10 member states of ASEAN to use the renminbi in trade settlement, which is another move by China to launch the renminbi outside the country. Sources familiar with the agreement in the plan said that the agreement framework with ASEAN will pave the way for China and ASEAN banks to start currency exchange between the RMB and ASEAN countries. As a whole, ASEAN is China's third largest trading partner. Will lay the foundation for the renminbi to become a regional currency," the first source told Reuters that it requires anonymity. The world's second largest economy - China wants to let the renminbi play a greater role in the international market and make its foreign exchange Diversified reserves. The country’s foreign exchange reserves ranked first in the world, with an increase of 4.2 billion U.S. dollars to 3.2 trillion U.S. dollars in the third quarter. According to sources, once the agreement is signed, China will then negotiate with ASEAN member countries. And sign a foreign exchange swap agreement to allow non-Chinese companies to settle renminbi-denominated transactions with banks in their home country, rather than through Hong Kong China has signed swap agreements with three ASEAN countries in Indonesia, Malaysia and Singapore. It is unclear when the agreement between China and ASEAN will be signed, but sources said it may be the end of this year or early next year. People's Bank of China and Commerce The department declined to comment when it received a telephone interview.
 

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