The Asian Development Bank announced Tuesday on its website that it has decided to support deals denominated in renminbi and Indian rupee under its Trade Finance Program as intra-regional trade transactions using these two Asian currencies are expected to rise.
The program, which has supported over $10.6 billion in trade since 2009, used to cover only transactions denominated in US dollars, yen and euros, according to ADB.
"This move will encourage the use of regional currencies in trade and reduce reliance on the US dollar as a settlement currency, which is in short supply in many countries," said Steven Beck, head of ADB's Trade Finance Program. "It advances our promotion of trade in the region, which is crucial for boosting job creation and economic growth," he added.
Intra-regional trade in Asia in the next 10 years is expected to account for at least half of all foreign trade for Asian countries, according to ADB. At present, 90 percent of all foreign trade in Asia is settled in US dollars, but this percentage is expected to decline.
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