500 companies exempted over 100 million yuan

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Category: Governmental News

Published: Tuesday, 19 July 2011 14:35

On July 13, the People's Bank of China Ningbo Branch released the information that since the cross-border RMB settlement was started on a trial basis on June 23, 2010, the cross-border settlements by the end of June reached 27.291 billion yuan, which means the exchange costs saved for 500 companies reached 100 million yuan.

Cross-border RMB settlement services are getting multifarious, such as RMB credit settlement, RMB L/G, RMB collection, etc. In terms of settlement structure, trade of imported goods takes a dominant position. In about a year's time, the settlements for imported goods amounted to 16.15 billion yuan, accounting for 59.19%. The settlements for exported goods keep rising too, totaling 502 million yuan during the year.

The piloting settlement of overseas direct investment has made some breakthroughs. Through increment of investment by RMB and project investment, the direct investment via RMB totaled 264 million yuan. The investment increment by foreign investors and loans of overseas shareholders reached 499 million yuan.

The overseas regions for RMB settlement keep increasing, from the original HK and Macau, Asian, to the US, Russia, the UK, France, Germany, Australia, Brazil, Argentina, Iran, UAE(United Arab Emirates), totaling 44 countries and regions.