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RMB internationalization boosts trade, investment

Updated: Oct 9,2014 8:33 AM     Xinhua

BEIJING -- Internationalization of China’s currency has given a boost to the country’s trade and investment in other countries, Vice-Foreign Minister Wang Chao said on Oct 8.

“The RMB’s pace of internationalization has picked up in recent years,” he said during a press briefing.

When asked to comment on the prospect of China’s trade with European countries, Wang said China has reached agreements with some countries on RMB settlement.

“Agreements with Germany and Britain have surely boosted bilateral trade and investment, as they offer more channels for two-way trade,” Wang said.

China’s trade volumes with Germany, Italy and European Union from January to August this year have grown by 12.2 percent,11 percent and nearly 12 percent respectively, Wang said, citing official figures.

“This can be partly attributed to the RMB’s pace of internationalization,” Wang said.

The briefing came ahead of Premier Li Keqiang’s upcoming visit to Germany, Russia, Italy and the UN Food and Agricultural Organization headquarters from Oct 9 to 15.