RMB Settlement In Cross-Border Trade Extends To The Whole Country.

Following the pilot projects in 20 provinces (municipalities and autonomous regions) of Guangdong, Shanghai and Beijing, enterprises in our province can also carry out cross-border trade RMB settlement. Yesterday, the reporter was informed that the people's Bank of China and other departments have jointly issued the notice on expanding the RMB settlement area for cross-border trade. It is clear that enterprises in 11 provinces (autonomous regions) of Hebei, Shanxi, Anhui and Jiangxi can also carry out cross-border trade RMB settlement. So far, cross border trade RMB The territory of the settlement extends to the whole country.

The so-called cross border trade RMB settlement refers to the import and export trade settlement with RMB declaration and RMB settlement, and its business types include import and export letters of credit, collection, remittance and other settlement methods.

Reporters learned that, with the increasing demand for RMB settlement by enterprises and banks, in April 8, 2009, the Executive Council of the State Council formally decided to launch a cross-border trade RMB settlement pilot in cities such as Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. In June 2010, cross border trade RMB settlement experiment was extended to 20 provinces (municipalities and autonomous regions) of Beijing, and cross-border RMB settlement business will be conducted orderly until this time. Trade RMB settlement area extended to the whole country.

It is reported that our province Cross-border After the implementation of trade RMB settlement, it will better meet the needs of enterprises and further facilitate trade and investment facilitation. For example, it is beneficial for enterprises to avoid exchange rate risk effectively. For a long time, the trade between overseas enterprises and enterprises in China is usually calculated and settled by US dollar, euro and yen. The exchange rate risk between us dollar, euro and yen and RMB is usually borne by domestic enterprises. If RMB can be used for international settlement, domestic enterprises can avoid such exchange rate risk. At the same time, the implementation of RMB settlement in cross-border trade can save the cost of foreign exchange derivatives transactions and some exchange costs caused by the exchange. In addition, the settlement of RMB by cross-border trade can accelerate the settlement speed, and domestic enterprises can reduce the corresponding human resources and related capital investment, which is conducive to the quickening of the operation speed of enterprises.