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Agricultural Development Bank of China
Economy

Cross-border RMB settlement facilitate trade and inv't between Chongqing and B&R countries

May 22, 2019


Abstract : Southwest China's Chongqing Municipality has reaped remarkable results in trade and investment facilitation by promoting cross-border RMB settlement, according to Chongqing Operations Office with China's central bank.

BEIJING, May 22 (Xinhua) -- Southwest China's Chongqing Municipality has reaped remarkable results in trade and investment facilitation by promoting cross-border RMB settlement, according to Chongqing Operations Office with China's central bank.

As of the end of 2018, Chongqing has carried out cross-border RMB receipt and payment business with 76 Belt and Road countries, with cumulative settlement amounting to 189.39 billion yuan, registering an average annual growth of 52 percent, said the Office.

It is noted that RMB has been increasingly popular among Belt and Road countries as currency cooperation between China and these countries continuously deepens.

Seizing this opportunity, Chongqing has actively advanced cross-border RMB settlement, helping enterprises in Chongqing to expand markets in Belt and Road countries by conducting RMB settlement for cross-border trade.

Besides, the municipality also supports enterprises to use electronic documents and online bank settlements, and leads the way in fostering single-window online RMB settlement for international trade, greatly shorten the time for cross-border settlement.

Official statistics showed that so far, the online cross-border settlement handled by banking institutions in Chongqing through single windows has reached 3.88 billion yuan.

Together with Chongqing Municipal Commission of Commerce and some banks, the Chongqing Operations Office with People's bank of China has also established a mechanism to provide targeted cross-border RMB solutions for enterprises in their cooperation with Belt and Road countries. (Edited by Gu Shanshan)

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Keyword: cross-border Chongqing RMB-settlement

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