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The People’s Bank of China (PBOC) recently issued answers to questions submitted to it regarding the Administrative Measures for the Pilot Operation of RMB Settlement for Cross-border Trade. Under the pilot program, selected enterprises will now be allowed to settle foreign trade accounts using RMB.

Shanghai Daily has reported that current economic statistics show that Shanghai is well on its way to full recover from the global economic crisis. In the second quarter, the city delivered a much better than expected economic performance, with improved data related to fiscal income, investment and trade. Fiscal income rose a significant 14.9 % over last year with growth returning to positive numbers after posting negative figures for the six straight months. Fixed-asset investment in Shanghai expanded 15.7 % over one year ago. Shanghai's outbound investment more than tripled from a year earlier to US$715 million in the first half, surpassing the total amount in 2008. The trade sector, Shanghai’s hardest hit, had its downward momentum halted last month. By June, total trade volume was US$43.1 billion, down 15.1 % from a year earlier but was an expansion of 13 % from May. While Shanghai's exports fell 19.9 %on an annual basis to US$25.8 billion last month, this was an 8.1 % increase over May. Imports also decreased 6.6 % from a year ago but were likewise a 21.1 % over May of this year. In addition, Shanghai created 67,000 new jobs in the first half of the year, with about 25,000 coming from the 5,540 small and medium enterprises that were established under the supportive government policies.