Transactions during the China Import and Export Fair, the country's largest trade event, will be for the first time announced in the form of yuan settlement, organizers said on Monday.

"The move is part of an effort by the organizers to help accelerate the yuan's internationalization," said Liu Jianjun, spokesman for the fair and deputy director of the China Foreign Trade Center.

The 114th session of the twice-a-year fair, widely known as the Canton Fair, will open on Tuesday in Guangzhou, the capital of Guangdong province.