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Wen: It takes time for yuan to go global

(Xinhua)
Updated: 2009-09-12 13:18

Chinese Premier Wen Jiabao said it still takes time for Renminbi (RMB), the Chinese currency, to fully become an international currency.

The status of RMB has been enhanced on the global market, but it is only convertible under the trade account, not under the capital account, he said on Thursday, when answering questions at an entrepreneur symposium after delivering a speech at the opening ceremony of the Summer Davos in Dalian.

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"We need to have a correct view of ourselves when pushing forward the internationalization of RMB," Wen said.

He said China has started to settle cross-border trade deals in RMB in Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan.

China's State Council, or Cabinet, announced in April a pilot program to allow exporters and importers in the five cities to settle cross-border trade deals in RMB.

China has signed currency swap agreements with some countries with a totaling 650 billion yuan ($95.5 billion), which also helps to lay a foundation for the RMB internationalization, he said.