Cross-border trade RMB settlement 6th the first single business will be born

The trial of RMB settlement of Cross-border trade was officially launched.　　The opening ceremony of RMB settlement of Cross-border trade will be held in Shanghai on 6th, meanwhile, the first single import and export business of renminbi settlement will be formally born. Reporter learned from the Bank of Communications, 6th Shanghai Silk Group Co., Ltd. launched the first RMB cross-border trade valuation and settlement business, the buyer for the Sino-Trade (Hong Kong) Limited, the conduct of Shanghai Silk provides the first single renminbi cross-border remittance settlement services. In addition, the bank also accepted the Shanghai HuanYu Import and Export Co., Ltd. Informer pen to RMB cross-border pricing and settlement of the remittance business, the use of agency liquidation model for liquidation, import behavior HSBC Hong Kong.　　The head of the related department also said that at present, the bank has received 90 days of Bank of Indonesia issued by the renminbi letter of credit, the beneficiary of three LIN million industry (Shanghai) Enterprise Group Co., Ltd., open the applicant for the PT Indotuck Utama. April 8, 2009, the State Council passed in Shanghai, Guangzhou, Shenzhen, Zhuhai, Dongguan and other 5 cities to carry out cross-border trade renminbi settlement trial resolution. In fact, since 2005, the bank has started to cooperate with the regulatory authorities in the feasibility study and implementation of the design, and began the Cross-border trade renminbi settlement Project pilot preparation, from business processes, system development, Enterprise services, system reform and other aspects of a series of work.　　At present, the bank has been with the people's banks RMB cross-border collection and payment information management system smoothly docking, the work is ready. "The introduction of RMB settlement of cross-border trade enables enterprises to have a stable currency choice, which can help enterprises to complete international trade with lower cost and higher efficiency." Lianping, chief economist at the bank, said.　　It is understood that the current delivery of the pilot area of Shanghai branch, Guangdong, Shenzhen, Zhuhai, Dongguan Five branches received a number of customers to bid for RMB cross-border trade settlement business, the amount of more than billion yuan, involving import license, to permit notice, import collection, export collection, goods to remittance, in advance, prepaid remittance and other international settlement varieties. For commercial banks, the significance of doing this business is also very significant. Lianping said that after the renminbi has the function of Cross-border settlement payments, the size of the foreign exchange positions that commercial banks need to hold will be lower than before, thus reducing currency risk. And from the point of view of business development, cross-border trade RMB settlement can bring many new business to the Chinese bank, "since the foreign investment bank has advantages, import and export enterprises are accustomed to foreign investment bank business, as the renminbi can be used for cross-border trade settlement and payment, this advantage will gradually transfer to the Chinese bank." "Lianping said.　　With the scale gradually bigger, the pilot in the intermediary business income will also be promoted. The launch of this business also has a great effect on the construction of the Shanghai International Financial Center. Lianping said, first of all, the launch of this business will promote Shanghai gradually become an international settlement center. The introduction of this business will not only promote the payment activities under RMB trade, but also greatly promote the activities under Non-trade.Secondly, with the extension of the business, the expansion of business scale, the foreign enterprises holding renminbi position will have the demand of investment and arbitrage, which will make a new demand for the opening of Shanghai financial market, and foreign funds to intervene in Shanghai financial market, the opening of financial markets and the convertibility of RMB freely under capital will have a boost. The introduction of the renminbi settlement of Cross-border Trade has put forward new requirements for the regulation of Cross-border renminbi flows, and insiders worry that the business will bring new risks. However, Xiaoming, general manager of the International Department of the Bank, has made full consideration in this regard. First, set standards for the enterprises that have access. It is reported that the pilot enterprises determined by the provincial people's government in the pilot region to coordinate the recommendations of the local authorities, and then by the People's Bank with the Ministry of Finance, the Ministry of Commerce, the general Administration of taxation, the CBRC and other relevant departments to review. At present, Shanghai, Guangdong (except Shenzhen), Shenzhen area will have 100, 200, 100 pilot enterprises. Second, the current open settlement is only for goods trade. "The authenticity of trade in goods is easiest to censor. "Xiaoming said. Finally, the People's Bank of China has developed a Cross-border collection and payment information management system, the pilot line of the bank and BOC to the system, the People's Bank of China to track the entire process of each transaction, in addition to the amount of occurrence and balance are limited. These measures can effectively prevent the emergence of illegal trade means such as false single, Shang and tax fraud.