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Cross Border Trade Extended To The Whole Country During The Year Of RMB Settlement.

2011/4/27 16:03:00 48

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Li Bo, director of the two division of the monetary policy of the people's Bank of China, said on the 26 th this year's Cross-border

Trade

RMB settlement pilot will expand to the whole country.

Li Bo said at the founding meeting of the China Banking Association trade finance Specialized Committee that the central bank will continue to promote this year.

Trade

And investment facilitation, to serve the real economy.

The goal of the central bank is to extend the scope of cross-border trade RMB settlement to the whole country this year.

At the same time, continue to carry out the pilot cross-border RMB business under capital account.

The RMB settlement of foreign direct investment is currently being carried out in a pilot case. The central bank is working with the Ministry of Commerce and foreign exchange bureau to introduce relevant pilot management measures.

At the same time, the central bank has also worked with relevant departments of the foreign exchange bureau to promote the establishment of the RMB foreign debt management system and facilitate investment facilitation.

Li Bo said that this year will continue to support Hongkong's expansion of the RMB business scope and the development of RMB offshore business.

Allowing foreign institutions to invest in the inter-bank bond market is an initiative to open the financial market, and also a measure to cooperate with cross-border RMB settlement business. The central bank will continue to approve more overseas institutions to enter the interbank bond market and provide channels for overseas entities to obtain Renminbi and hedge.

In addition, Li Bo said that it will continue to promote bilateral monetary cooperation and promote bilateral trade and investment development.

He disclosed that some central banks and monetary authorities expressed the hope of bringing the renminbi into the official reserve of the country.

Next, the central bank will provide some convenience to interested central banks and monetary authorities in other countries so that they can gradually hold Renminbi and invest in the interbank bond market.

Li Bo said that as of the end of 3, China's banks accumulated cross-border trade.

RMB settlement

The business is 870 billion 245 million yuan.

Cross border capital pactions totaled 1385, with an amount of 98 billion 790 million yuan, of which 220 were foreign direct investment, and the amount was 16 billion 964 million yuan.

The central bank has approved 20 overseas institutions to use RMB funds to invest in the interbank bond market, and the Hongkong market has issued RMB bonds more than 80 billion yuan.