Canton Fair to promote yuan use

Not many trades were settled in yuan during the last session of the Canton Fair, according to the event's organizing committee.

"More use of yuan settlements in trade will help Chinese exporters reduce risks and hasten the currency's internationalization," said Zhang.

Some 17,000 companies in Guangdong, which make up about a quarter of the country's foreign trade, have conducted yuan settlements with counterparts from 169 countries and regions since China launched the payment system in July 2009, according to the Guangzhou Branch of the People's Bank of China.

"Yuan settlements also play an important role for Chinese companies in their industrial upgrading, as it helps reduce business losses," Zhang from the Ministry of Commerce said.

Despite China's shrinking exports in September, a sign of lower global demand, the fair will still be a busy event.

The number of booths will be 59,539 at the fall session and 24,517 companies have confirmed participation, 229 less than in the spring session, the organizers said.

Liu Jianjun said the decline in the number of participants is mainly because of the weakening global economy. The fair's organizers are adjusting their strategies and trying to help more brand-name and big companies.

"China's foreign trade is undergoing a tough transition period, and we hope to support more potential companies to lead the whole upgrading of Chinese manufactures," said Liu.

"The number of buyers from emerging markets is expected to remain at the same level as the spring session," Liu said.

As for developed markets, Liu noted that the US economy has improved, so there will be somewhat more buyers from the US. Meanwhile, as China's trade with Japan has shown signs of picking up recently, there will be more buyers from Japan.