Cross Border Trade, RMB Settlement, Overseas Area Extended To All Countries

The people's Bank of China, the Ministry of finance, the Ministry of Commerce, the General Administration of customs, the General Administration of Taxation and the China Banking Regulatory Commission jointly issued the circular on issues related to the expansion of cross-border trade RMB settlement today, extending the pilot scale of RMB settlement in cross-border trade from the original 4 cities to 20 provinces and municipalities.

RMB settlement in cross-border trade is no longer restricted to overseas regions, and enterprises can choose to use RMB settlement according to market principles.

The circular pointed out that after the pilot expansion, the pilot area for cross border trade RMB settlement expanded from 4 cities in Shanghai and Guangdong provinces to 20 provinces (autonomous regions and municipalities directly under the central government), namely, Beijing, Tianjin, Inner Mongolia, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Fujian, Zhejiang, Fujian, China, Beijing, Tianjin, Inner Mongolia, Liaoning, Shanghai, Shanghai, Jiangsu, Zhejiang, Inner Mongolia, Liaoning, Shanghai, Jiangsu, Zhejiang, Inner Mongolia, Liaoning, Shanghai, Jiangsu, Zhejiang, Inner Mongolia, Liaoning, Shanghai, Jiangsu, Zhejiang, Inner Mongolia, Liaoning, Liaoning, Shanghai, Jiangsu, Zhejiang, Zhejiang, China, Hong Kong, Macao, China, Hong Kong, China, and other provinces.

The notice said that since the pilot of RMB settlement in cross-border trade in July 2009, the work has been progressing smoothly, business has been carried out in an orderly manner, and convenient procedures have been widely welcomed by the pilot enterprises and banks.

Cross border trade RMB settlement business has increased rapidly, and the demand for cross-border trade settlement with RMB has been increasing. The time for expanding the pilot is ripe.

The expansion of cross border trade RMB settlement pilot will further facilitate trade and investment facilitation.