BEIJING, Dec. 5 (Xinhua) -- The Shanghai Head Office of the People's Bank of China, the Chinese central bank, vigorously boosted development of local cross-border E-commerce platforms by fully leveraging related facilitation policies, reported Xinhua Finance on December 2.
In the first three quarters of 2022, Shanghai-located payment institutions provided forex collection and payment services to a total of 13.62 billion U.S. dollars of cross-border E-commerce transactions, of which forex receipt for Chinese sellers grossed 8.19 billion U.S. dollars and forex payment by Chinese buyers totaled 5.43 billion U.S. dollars.
Currently, there are seven payment institutions and one bank offering cross-border E-commerce transaction-related forex collection and payment services in Shanghai and they provide global forex collection services for over one million of Chinese sellers each year.
Apart from these, the Shanghai Head Office also supported payment institutions in China to build compliant overseas payment networks to satisfy Chinese people's diversified demand for global merchandise and services. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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