China takes measures to expand cross-border RMB use by firms

A circular jointly released by the country’s commerce ministry and the central bank called for efforts to facilitate RMB pricing and settlement in all types of cross-border trade and investment, and urged banks to provide more convenient and efficient settlement services.

Banks are also encouraged to extend overseas RMB-denominated loans and actively innovate products and services, a state-controlled news outlet reported.

The circular also underlined the importance of opening-up platforms in boosting cross-border RMB use, including pilot free-trade zones, the Hainan Free Trade Port and overseas economic and trade cooperation zones.

ALCHEMPro News Desk (DS)