By Xinyi Li, EDITOR

An increasing number of enterprises in Chongqing prefer using RenMinBi (CNY) in cross-border business. From 2013 to 2018, Chongqing realized actual cross-border CNY transactions with 66 countries along the Belt and Road, which amounted to CNY 168.16 billion, with an annual growth rate of 51.6%.

Since President Xi Jinping proposed the Belt and Road Initiative (BRI) in 2013, China has been deepening the bilateral currency cooperation with countries along the Belt and Road. As a result, channels for cross-border settlement and liquidation are more diversified and smooth, and CNY is accepted by more such countries.

Chongqing achieved a total settlement of CNY 168.16 billion with 66 countries along the Belt and Road over the past 6 years

In response to that, Chongqing puts greater efforts to encourage the cross-border use of CNY, aiming to facilitate trade and investment and assist enterprises of the city in expanding markets along the Belt and Road.

For example, it launched policies to simplify cross-border CNY settlement processes. Commercial banks are allowed to complete cross-border CNY settlement for honest, credible and legal companies doing international trade, based on the receipt/payment codes provided by the latter.

Chongqing gives green light to enterprises in using electronic documents and online banking service for settlement

Additionally, Chongqing gives green light to enterprises in using electronic documents and online banking service for settlement. It is also the first one in China that promotes Single Window online CNY settlement in international trade. Thanks to that, enterprises are supposed to complete customs clearance, receipt/payment in foreign exchange, international receipts/payments declaration and other online cross-border settlement processes all at once, after submitting needed materials to Single Window. As of now, the China Construction Bank and other banks have realized a total of RMB 3.88 billion in online cross-border CNY settlement through Single Window.

Furthermore, the CNY settlement between Chongqing and countries along the Belt and Road, from 2013 to 2018 in terms of trade in goods and services, reached RMB 40.89 billion. 59 such countries involved in this achievement include members of ASEAN, Russia, Hungary, and Kazakhstan, 22 more compared to that before 2013.

Source: Chongqing Daily News