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Cumulative cross-border renminbi settlement in China’s Yunnan exceeds 600 bln yuan

Abstract : The cumulative cross-border renminbi settlement in southwest China's Yunnan province has reached nearly 608 billion yuan (about 93.8 billion U.S. dollars) as of March, according to a local branch of the country's central bank.

KUNMING, April 26 (Xinhua) — The cumulative cross-border renminbi settlement in southwest China’s Yunnan province has reached nearly 608 billion yuan (about 93.8 billion U.S. dollars) as of March, according to a local branch of the country’s central bank.

In the first quarter of this year, the total cross-border renminbi settlement in Yunnan reached 19.4 billion yuan, up 51.56 percent year on year, the Kunming branch of the People’s Bank of China said on Monday.

Of the total amount, the cross-border renminbi settlement under current accounts exceeded 11.5 billion yuan, up 14.38 percent year on year, mainly due to the increase in trade settlement with Vietnam and other countries.

The settlement under capital accounts reached nearly 7.9 billion yuan, soaring 188.76 percent year on year, mainly due to the substantial increase in cross-border investment and financing by enterprises.

Yunnan has established cross-border renminbi business with 106 countries and regions, including 40 along the Belt and Road. Enditem

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Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: Cumulative cross-border renminbi settlement in China’s Yunnan exceeds 600 bln yuan

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