A "Touchstone" For The Pilot Industry Of RMB Settlement

RMB's "going out" is facing a rare historical opportunity.

International experience shows that the pace of "going out" of a country's currency depends fundamentally on the country's comprehensive national strength and the competitiveness of pnational enterprises.

Cross-border

Settlement in Renminbi

The Taizhou Thai River Footwear Co., Ltd., located in the footwear industry cluster area of Hengfeng, Wenling, is the first enterprise in the 19 foreign trade enterprises to apply for cross border trade RMB settlement test. Over half a year, chairman Wang Jianglin has a lot of feelings.

Wang Jianglin made a calculation: the contract price of shoes signed between foreign businessmen and foreign businessmen was 4 US dollars / double. According to the exchange rate of RMB 6.599 against US dollar in January 13th this year, the cost of a pair of shoes to the enterprise account was 26.396 yuan RMB, and delivered at the end of April. According to the 6.499 to 1 exchange rate at that time, the actual amount of the money was only 25.996 yuan, and the difference of the price of a pair of shoes reached 0.4 yuan. The larger the quantity, the greater the difference.

But when RMB is settled, there will be no such problem.

"Now when I see a new client, I first ask him if he is willing to settle in RMB. If the other party is willing, he will take the order first."

Wang Jianglin said.

Nowadays, more and more enterprises have tasted the sweetness of cross border trade RMB settlement as tajiang shoes industry.

Statistics from the Hangzhou central sub branch of the people's Bank of China show that the number of participating enterprises has increased from the initial more than 90 to the end of 6 this year, and the settlement volume has also soared. The total settlement amount in the first half of this year has reached 100 billion 587 million yuan, which is more than 8 times the half yearly settlement in 2010.

According to the current minimum bank exchange cost of 0.2%, cross border trade settlement in the first half of this year has at least saved 133 million yuan for enterprises.

"The smooth implementation of the cross-border RMB trade settlement experiment fully reflects the market's practical demand for cross border use of RMB."

Zheng Nanyuan, vice president of the Hangzhou branch of the people's Bank of China, is pleased with his words.

He produced a detailed analysis of the reports: in the second half of 2010, when the pilot was launched in the second half of the year, the monthly amount of cross-border RMB settlement in the province was only 1 billion or billions of yuan, and the total settlement amount was only 12 billion 300 million yuan at the end of the year.

This year can be said that a turning point has taken place. In January and February, the settlement volume exceeded 5 billion yuan, and in March exceeded 10 billion yuan.

In June, it exceeded 30 billion yuan, and the total settlement amount in the half year exceeded 100 billion yuan, ranking the fourth among all provinces and cities in the country.

As of the end of 6 this year, our province has accumulated cross-border RMB settlement business with 58 countries and regions.

Not only is the volume increasing, but the composition of cross-border RMB settlement business is also changing.

Zheng Nanyuan disclosed that in the early stage of the pilot, the cross border RMB business in the whole province only involves RMB settlement of trade in goods, and has now extended to service trade, income and regular pfer, RMB outward direct investment, foreign direct investment in Renminbi, cross-border RMB trade financing, and currency guarantee.

Among them, cargo import trade settlement, re export trade settlement, cross-border RMB trade financing became the main business of our province, and the total settlement volume in the first half of this year was nearly 100 billion yuan, which occupied a large part.

This has many advantages for Zhejiang, one of the most important import and export trade bases in China.