| announced a pilot implementation of cross-border | | | | Japan. Japanese investment and trade in large trading |
| trade in RMB, the Japanese banks have been actively | | | | company Marubeni Corporation in the banks of the |
| preparing to enter such business, and carried out a | | | | RMB trading settlement. RMB savings account set up |
| number of pilot operation. Recently, the Hang Seng | | | | before the Chinese subsidiary of Marubeni to the |
| Bank and other non-Japanese banks are also active in | | | | renminbi exchange. This amount of RMB funds in |
| promoting the yuan trade settlement business in | | | | Japan as cover, which is to open RMB accounts in |
| Japan, intends to share the RMB clearing bank | | | | Japan's first such transactions. Mizuho Corporate Bank |
| business growing. | | | | told this reporter that the reason to carry out yuan |
| This year in March, a company in Osaka when | | | | trade settlement, is due from customers such as |
| imports from China to the letter of credit to pay a | | | | Marubeni increasing demand, they continue to receive |
| 200,000 yuan loan, it is in Japan the first truly | | | | business counseling in Japan. |
| cross-border trade in RMB. | | | | Sumitomo Mitsui Banking Corporation is a large |
| Since July 2009, the RMB settlement pilot | | | | financial services group, on behalf of the bank to our |
| cross-border trade since the start of major Japanese | | | | reporter said that at present the bank has not |
| financial groups in Hong Kong, Singapore and other | | | | started yet the yuan trade transactions, |
| places, including offices on the RMB has been active | | | | headquarters and is being discussed. |
| in cross-border trade settlement, the RMB deposits, | | | | Moreover, Japan is also actively involved in local RMB |
| foreign exchange, financing and other Renminbi Item | | | | banking business. Quanzhou city of Ikeda, Osaka |
| RMB business goal is not only locked in Japanese | | | | Shiga Shiga Bank and the Bank last month in the |
| companies but also companies in other countries and | | | | Chinese bank of Tokyo-Mitsubishi UFJ to open RMB |
| regions. | | | | accounts to conduct RMB-denominated trade |
| Japan's three major financial institutions in the | | | | transactions. Ikeda Quanzhou bank customers in 670 |
| reporter's telephone interview, have expressed | | | | companies are involved in import and export trade |
| interest in the RMB clearing business. | | | | with China. Shiga Bank also launched in the autumn of |
| Bank of Tokyo-Mitsubishi UFJ in March this year, | | | | this year to prepare the yuan trade in a positive |
| began trying to Japan-China trade in RMB. DIC Group, | | | | settlement. Ability of local banks overseas operations |
| a subsidiary of Japan to the Japanese headquarters in | | | | can not currently fully meet the needs of corporate |
| China to pay the purchase price, on the use of the | | | | clients, local banks and large banks to conduct |
| RMB. But then the yuan is not yet used in Japan, | | | | overseas operations will be the future trend. |
| banks in settlement money converted into U.S. dollars | | | | Japanese industry, said bilateral economic and trade |
| at the same time, the company's headquarters in | | | | exchanges between China and Japan frequently, the |
| Japan into account. As of now, Bank of | | | | RMB settlement will further promote the |
| Tokyo-Mitsubishi UFJ RMB business for more than 10 | | | | Sino-Japanese trade and investment facilitation. |
| document. | | | | Japanese demand for RMB business is gradually being |
| Under Japan's Mizuho Group, Mizuho Corporate Bank | | | | met, is expected to more Japanese companies will |
| in April this year, the conduct of renminbi business in | | | | actively try in the future. |