Cross Border Renminbi (RMB) Settlement Services
Currently, a revolution is ongoing for trading with China.
Since mid-2009, the pilot program of Renminbi (RMB) Settlement of Cross-border Trade Transactions was approved by the State Council and started officially. Till now, all the companies who are qualified for export and import business are allowed to conduct RMB settlement.
The People's Bank of China (PBOC) is continuously promoting the pilot program to gradually achieve internationalization of RMB:
- Cross Border RMB Settlement is applicable globally for trading with counterparties in Mainland China.
- Documentation requirements for Cross Border RMB Settlement have been significantly simplified, and more and more innovative financial solutions are being launched under Cross Border RMB Settlement scheme.