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China will encourage companies to increase their use of yuan for settling cross-border trade deals and support foreigners' use of the currency for direct investments in the country, the central bank said on Friday. Beijing has been promoting the international use of the yuan since 2009, and yuan settlement accounted for 16.9 percent of China's total goods trade in 2016. A set of moves unveiled Friday will help "improve policies on yuan cross-border businesses, create a sound business environment and serve the 'Belt and Road' initiative," the People's Bank of China (PBOC) said in a statement on its website. Banks are encouraged to innovate their financial products to help companies settle trade deals in yuan, the central bank said.

Copyright Reuters, 2018

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