Home Life Yiwu scored first by promoting Cross- border RMBSettlement
Yiwu scored first by promoting Cross- border RMBSettlement PDF Print E-mail
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Wednesday, 12 June 2013 08:21

     Information released from Yiwu Branch of The People 's Bank of Chinashowsthat our city scored first all over the nation by promoting Personal Cross-border RMB Settlement since last De- cember when ThePeople ’ sBank of China approved the Interim Measuresof Pilot Management in Zhejiang Province Concern- ing Personal Cross-border RMB Settlement. Thisnearly-half-a- year application hashighlighted themunicipal tradefacilitation.
   A ccording to the Interim M easures, Personal Cross- border RMB Settlement means natural men within or outside China ’ s borders who are en- gaged in international trade, service trade and other current account operationsthat would useRMB astheir denomination aswell aspayment in their cross -border settlement trade. A ny natural men within or outside China ’ s borders (including natural men from districts of H ong K ong, M aocao and Taiwan) that are engaged in international trade, service trade and other current account operationsin Yiwu could join in this Personal Cross-border RMB Settlement Trade. What should be noticed is capital items covering direct invest- ment shall not be allowed to launch cross-border RMB set- tlement for risk prevention and operation standardization.

   Currently all commercial banksand bank brancheswithin Yiwu would accept application of personal cross-border RMB settlement. Open a RMB set- tlement account by bank rules and then you would launch the cross-border RMB settlement to your own need. Thisoperation could be done without amount limitsaslong astheauthenticity verification iscompleted, with the exception of capital items. A nd the natural men should obey relevant policies and regulations, of course.
     Trade becomes easier through nearly three years of ap- plication The Notification of the Expansion for the Trialsof Cross-border RMB Settlement which wasreleased jointly by The People ’ sBank of China and other fivegovernment ministriesand administrations on June, 2010 said that the relevant trial areas should beexpanded from theoriginal 4 citiescov- ering Shanghai and Guangdong to 20 provinces (municipalities) all over thenation. Zhejiang Province wasofficially listed into thesecond batch of relevant trial areas, and Yiwu city wasaswell listed into the trial cityies.

   Thecross-border RMB settlement for enterprises wasopen to public sinceJune, 2012, with theexpan- sion from someoriginal trial enterprisesto all munici- pal businesses. Any enterprises, no matter whether it ’ sengaged in importing, exporting or transporting, if not listed in the “ key regulatory list ” , could refer to thissettlement when doing businesswith foreign trad- ers.



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