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China Extends Geographical Coverage of Cross-border Trade Settlement in RMB to Entire Nation

 
Font Size Big Medium Small 2011-08-23 14:32:43
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In recent days, the People's Bank of China, the Ministry of Finance, the Ministry of Commerce, the General Administration of Customs, the State Administration of Taxation and the China Banking Regulatory Commission jointly issued A Notice on Extending Geographical Coverage of Use of RMB in Cross-border Trade Settlement, which specifies enterprises in Hebei, Shanxi, Anhui, Jiangxi, Henan, Hunan, Guizhou, Shaanxi, Gansu, Qinghai and Ningxia provinces and autonomous regions are now able to use RMB in cross-border trade settlement, and companies exporting goods in Jilin, Heilongjiang provinces and Tibet, Xinjiang Autonomous Regions, can conduct RMB settlement with trading partners all over the world, an extension of the previous coverage of neighboring countries only. Thus, geographical coverage of cross-border trade settlement in RMB is extended to entire nation.

Since the pilot program of cross-border trade settlement in RMB was extended to 20 provinces, municipalities and autonomous regions including Beijing in June 2010, RMB cross-border trade settlement has progressed orderly and the demand by companies and banks to use RMB for cross-border trade settlement has grown continuously. This round of extension, as a crucial step in boosting cross-border use of RMB, which is stated in China's 12th Five-year Program(2011-2015), will better meet enterprises' demand and further facilitate trade and investment.

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