BEIJING, Feb. 19 (Xinhua) -- The cross-border RMB transaction volume in Guangdong Province recorded 7.39 trillion yuan in 2023, up by 25.1 percent year on year and accounting for 53.1 percent of the total amount of domestic and foreign currency settlement, according to data recently released by the People's Bank of China Guangdong Branch.
This is highlighted by a significant increase in settlement volume in the real economy. Settlement of trade in goods stood at 2.22 trillion yuan, up 19.4 percent year on year, while direct investment settlement was 1.67 trillion yuan, registering a 22.6 percent increase.
The People's Bank of China Guangdong Branch has facilitate cross-border RMB settlement for high-quality enterprises by shortening the minimum operating period for high-quality enterprises from over three years to over one year, and removing restrictions on the number and volume of cross-border RMB settlement.
The total number of high-quality enterprises in Guangdong Province stood at 4,909 by the end of 2023, up by 2,089 compared to the figure at the beginning of the year. The business settlement covered by the facilitation measures reached 492.5 billion yuan, a year-on-year increase of 35 percent.
The People's Bank of China Guangdong Branch has also encouraged commercial banks within its jurisdiction to involve more banks from the participating countries of the Belt and Road Initiative in the Cross-border Interbank Payment System (CIPS). The settlement amount between Guangdong Province and Belt and Road countries reached 908.1 billion yuan in 2023, up 21.4 percent year on year. (Edited by Yang Linlin with Xinhua Silk Road, linlinyanglyn@163.com)
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