Bank of China starts first cross-border yuan transactions

The unidentified sources said Sunday night the Bank of China, China`s largest foreign exchange bank, will conduct the first cross-border yuan trade settlement deal Monday. It is known that the BOC Shanghai branch would receive the first cross-border yuan trade settlement deal from the BOC (Hong Kong) Monday.

The payee would be Shanghai Electric International Economic and Trading Co., Ltd. under Shanghai Electric Group Co., Ltd. would be the payee, while the company's business partner in Hong Kong would be the remitter.

Additionally, there were 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.