The reporter learned from Huaihua Branch of the People’s Bank of China that in the first half of the year, cross-border RMB collection and payment between Huaihua City and RCEP member countries reached 192 million yuan, with a year-on-year growth of 113.18%. Among them, cross-border RMB collection and payment reached 113 million yuan in the second quarter, with a year-on-year growth of 159.29%.

This achievement is closely related to the second Hunan (Huaihua) RCEP Economic and Trade Expo held from May 8th to 11th. It is this grand event that spans mountains and seas that has helped Huaihua’s cross-border RMB settlement business to achieve stability and success, and has delivered outstanding results.

This year, Huaihua Branch of the People’s Bank of China has conscientiously implemented the decisions and arrangements of the municipal party committee and the municipal government, seized new opportunities for regional economic and trade cooperation, and promoted the expansion of cross-border RMB business volume, quality and efficiency, and provided strong financial support for enterprises to explore the international market through innovative cross-border RMB publicity methods, financial and industrial dual wheel drive, cross-border financial services re-upgrading and other measures.

The person in charge of Huaihua Branch of the People’s Bank of China introduced that, in the next step, the bank will focus on cross-border RMB business to meet the development needs of local characteristic industries, establish a guidance list of key enterprises based on the list of high-quality settlement enterprises, organize financial institutions to establish a normal docking mechanism with enterprises, implement “one enterprise, one bank”, and let more enterprises choose to use RMB settlement in their trade with ASEAN and other regions.

(Translated by Tian Xia)