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China promotes use of yuan among Southeast Asian nations

Reuters  |  SHANGHAI 

(Reuters) - published a five-year blueprint on Friday seeking economic and financial integration between southern province and Southeast Asia, representing Beijing's latest effort to promote international use of the currency.

China's state council, or cabinet, has agreed to build Guangxi, which borders Vietnam, into a financial gateway between the (ASEAN) and China, the world's second biggest economy, the People's of (PBOC) said in a statement on its website.

As a key objective of the plan, will promote the use of the among ASEAN countries, with plans to facilitate cross-border trade settlement, currency transactions, investment and financing in the Chinese currency.

More specifically, China will encourage the use of in its commodities trade with ASEAN, support yuan-denominated lending to projects in the region, seek to build offshore yuan markets and promote cross-border financial investments.

The plan, which spans five years until the end of 2023, was jointly published by 13 agencies including the central bank, the foreign exchange regulator, the securities watchdog and the ministry of

ASEAN has 10 members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Philippines, Myanmar, Singapore, and

(Reporting by and Andrew Galbraith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 18:24 IST