The step will largely facilitate investment and trade between Xinjiang and other middle and west Asian countries,
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At the ceremony,
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Allowing yuan settlements will primarily encourage companies of neighboring countries to use Xinjiang as their gateway to enter China, Zhang said.
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Cross-border yuan settlement refers to the use of the yuan in international trade and investment deals and allows non-Chinese residents to own yuan accounts,
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The action is aimed at enhancing the development of Xinjiang and its economic relationship with neighboring countries,
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"Dollars and euros have experienced dramatic fluctuations since the financial crisis,
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URUMQI - China selected the Xinjiang Uygur autonomous region as the country's first experimental region for cross-border yuan investment settlements on Friday.
The Xinjiang Uygur autonomous region, which neighbors eight countries, including Russia and Kazakhstan, is the main access route between China and middle and west Asian countries. It is also the region with the most ports in China.
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