Cross-border RMB business grows steadily

Edited and Translated by People's Daily Online

The management framework for the cross-border RMB business has taken shape, and various cross-border RMB services have enjoyed rapid development, Li Dongrong, assistant governor of the People’s Bank of China, said on Jan. 11.

Li said that with the approval from the State Council, the pilot program of RMB settlement in cross-border trade has been expanded to the entire country, covering all cross-border current account transactions such as goods trade and service trade as well as certain capital account activities. The program has facilitated Chinese direct investment abroad and foreign direct investment in China using RMB funds.

China will promote its cross-border RMB business steadily, in a bid to boost trade and investment facilitation.

Currently, 181 foreign countries and regions have cross-border actual RMB receipt and payment business in China and the business scale has been enlarging stably, Li said.

As of the end of 2011, there had been accumulatively about 2.6 trillion yuan of RMB settlement amount under current account administered by banks.

RMB settlement amount under capital account had grown steadily. In 2011, RMB settlement amount of offshore direct investment administrated by banks added up to more than 20 billion yuan and foreign direct investment settlement amount totaled nearly 91 billion yuan.