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Economy

Vietnam to let traders use yuan along China border

Central bank appears to be striving to reduce risks from dollar transactions

The Chinese yuan has been used illegally in Vietnamese border towns for years. (Getty Images)

HO CHI MINH CITY -- Vietnam plans to officially allow the use of the Chinese yuan for trading goods in its northern border towns, the central bank said on Wednesday.

The State Bank of Vietnam announced on its website that merchants, residents and related banks and institutions engaged in cross-border trade will be authorized to use the yuan, or the Vietnamese dong, to settle transactions starting on Oct. 12.

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