According to business.inquirer.net, the proposal has been made during the 11th edition of China-Asean Expo (Caexpo), held between 19 and 22 September 2014. According to the ASEAN, China has stressed the need to further strengthen cross-border trade, boost sub-regional cooperation and enhance people-to-people exchanges. The upgrade of the Asean-China free trade agreement was also cited as one of the essential foundations for the Regional Economic Comprehensive Partnership (RCEP)—a bigger trade agreement that will cover the member states of the Asean and its six FTA partners: China, Australia, China, India, Japan, South Korea and New Zealand.
As of 2010, ASEAN has 10 member states, including Thailand, Indonesia, Malaysia, Singapore, the Philippines, Brunei, Cambodia, Laos, Myanmar and Vietnam.
In July 2014, China registered a slowdown in cross-border CNY transactions.
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