Two lines in 55.3 billion RMB can be loaned to overseas

The first Tan Jin of cross-border trade in renminbi was finally "landed" today, after a few delays in the arrival of the renminbi's Cross-border settlement bill.　　Bank of communications, the first pilot, announced yesterday morning that Bank of communications would be commissioned by the Shanghai Silk Group today to provide the first single renminbi Cross-border remittance settlement service.　　At the same time, the Bank of communications today will accept Shanghai HuanYu Import and Export Co., Ltd. commissioned to Remit Informer pen in renminbi cross-border pricing and settlement of remittance business, the Hong Kong HSBC. The Bank of communications yesterday did not disclose the exact amount of the two deals due to the "trade secrets" of the companies involved.　　However, the Shanghai Silk Group and Shanghai HuanYu Import and export company of the two transactions happened to deal with export transactions and import transactions.　　The Bank of China, which also entered the first pilot, unveiled the suspense related to the renminbi trade settlement early yesterday afternoon.　　China's Bank of China Shanghai Branch will receive the first Cross-border trade renminbi settlement pilot business in Hong Kong this morning, and the beneficiary is the Shanghai Electric International Economic and Trade Co., Ltd., affiliated to Shanghai Electric Group.　　It is understood that BOC Shanghai Branch will also today with the Shanghai Electric Group and other 23 enterprises signed the "Cross-border Trade renminbi Settlement Enterprise service Plan" for these enterprises to provide cross-border trade renminbi settlement business.　　It is worth mentioning that, because the implementation of Cross-border trade renminbi settlement after the exchange risk is not concerned, the Enterprise pilot initiative is quite high.　　According to the information disclosed by Bank of communications, the relevant applications received by the five branches in Shanghai, Guangdong, Shenzhen, Zhuhai and Dongguan are over 100 million yuan.　　And according to the reporter Master of the information, the current Shanghai, Guangdong (except Shenzhen), Shenzhen, respectively, 100, 200, 100 pilot enterprises. Simple understanding, the Cross-border trade renminbi settlement means that the domestic import and export enterprises through the renminbi for the goods price and collect payment.　　Through this, the relevant enterprises can evade the operating exchange rate risk.　　It is particularly worth mentioning that the formal implementation of the Cross-border trade renminbi settlement also means that a large number of renminbi from today will be able to formally flow to foreign enterprises. It can be seen that, although the central bank early last year, and including South Korea, Hong Kong and other 6 countries or regions signed a 650 billion-yuan swap agreement.　　But as a move between monetary authorities, the move is at best preparing for the renminbi to go abroad, really to make the 650 billion yuan move, depending on market demand.　　From this day on, the renminbi is really going through these cross-border trade flows to companies abroad. The problem followed.　　Some market participants are now worried that the central bank allows foreign companies with no renminbi to "borrow" from domestic banks through offshore banks, will this impact on the domestic financial system? In this respect, a reluctant to give the name of the industry told the Morning Post reporter, the central bank July 3 issued the "cross-border trade renminbi settlement of the pilot management measures" clearly stipulates that "domestic agent banks to participate in the Bank of foreign accountsThe total balance shall not exceed 1% of the balance at the end of its RMB deposits, according to which it can be estimated that the first batch of the pilot and BOC's two banks can be "borrowed" at most only about 55.3 billion yuan.　　On the basis of the deposit balance of $1.8658 trillion at the end of last year, a maximum of about 18.7 billion yuan can be borrowed from the bank, with the bank's deposit balance of 3.6578 trillion yuan at the end of last year, the number of BOC is 36.6 billion yuan. "The current amount of money is not expected to be a big risk."　　said the person.　　In fact, all the funds involved in the pilot, the central bank will be through the establishment of enterprise access threshold, only to open up trade in goods, using a special foreign exchange write-off management system to check the authenticity of transactions and other means of strict investigation.　　Q&a on Cross-border trade RMB settlement ◇ What is cross-border trade renminbi settlement?　　"Cross-border trade RMB settlement" refers to the renminbi in the Cross-border trade in the implementation of the valuation and settlement of the currency function, that is, import and export enterprises in the development of goods in the trade in renminbi and cross-border external collection and payment, commercial banks for its use of the renminbi as a cross-border settlement currency of the international settlement　　◇ What are the current pilot areas?　　It is understood that the current cross-border trade in renminbi settlement pilot areas including the territory of Shanghai, Guangdong province, Guangzhou, Shenzhen, Zhuhai and Dongguan;　　◇ How does the commercial bank carry out RMB cross-border liquidation?　　The RMB cross-border liquidation of commercial banks can be freely selected in the following two routes: first, Hong Kong and Macao Liquidation mode, that is, through the Hongkong and Macao renminbi clearing bank to carry out Cross-border settlement and liquidation of renminbi funds, the second is the agent liquidation mode, namely, through domestic commercial banks acting overseas commercial banks for renminbi funds cross-border settlement and liquidation. At present, some overseas branches of Bank of communications have opened renminbi interbank accounts in their domestic branches.　　HSBC Hong Kong, HSBC Macau, Hang Seng, Vietnam Trade and industry, Cambodia Iadept, ICBC (Indonesia), Silver (Asia), Chong Hing Bank and other 8 foreign agencies and the Bank of Communications signed a renminbi agency settlement agreement, and opened a renminbi interbank account.　　◇ What are the channels for overseas participating banks to obtain RMB funds?　　Foreign retained renminbi and its own renminbi funds to the domestic agent bank or Hong Kong and Macao renminbi clearing bank to buy renminbi to the domestic agent bank or the Hong Kong and Macao renminbi clearing bank to apply for RMB funds to borrow ◇ foreign participation in the renminbi holdings of the use of RMB?　　Providing foreign enterprises with RMB Exchange service under RMB settlement for overseas enterprises, applying for currency exchange with domestic agent bank, exchanging RMB into other currency for domestic agent bank deposits, obtaining deposit income ◇ what channels do overseas enterprises have to obtain RMB funds? Enterprise's own renminbi funds use renminbi settlement to domestic export to obtain RMB funds overseas participation Bank or domestic settlement bank for enterprises to provide renminbi settlement of trade financing of foreign participation in the Bank for enterprises in the tradeIs it easier or more complicated for the renminbi to be settled? According to the method, the enterprise drawback does not need to provide the write-off form, so the process will be simpler. The specific tax refund matters will be separately stipulated by the State taxation Department, which is not yet announced.