RMB lifted from price to settlement currency

BOC launches first renminbi settlement business marks renminbi has been raised from currency to settlement currency the Bank of China announced yesterday that the first Cross-border trade renminbi settlement business was due to start in the Bank of China this morning.　　This indicates that the position of RMB in international trade settlement has been raised from the valuation currency to the settlement currency, and the renminbi settlement business of China's Cross-border trade has entered the real operation stage. According to the Bank of China, sponsored by the Shanghai Municipal government, BOC Shanghai branch of the "Cross-border Trade RMB Settlement Initiation Ceremony" is scheduled to be held this morning at the Four Seasons Hotel in Shanghai. According to the plan, BOC Shanghai Branch will receive the first Cross-border trade RMB settlement from Hong Kong, which is affiliated to Shanghai Electric International Economic and Trade Co., Ltd., and the settlement is remitted by the company's business partners in Hong Kong.　　Guests attending the initiation ceremony will jointly witness the whole process of the money remitted from Hong Kong to BOC Shanghai Branch. In addition, BOC Shanghai Branch will also be with Shanghai Electric Group and other enterprises to sign "Cross-border trade renminbi Settlement Enterprise Service Program", these enterprises can carry out import issuing, export to permit, remit remittance, remit remittance and so on various kinds of cross-border trade renminbi settlement business, the pilot will cover the commodity special steel, chemical products,　　Machinery and equipment, such as a variety of trade products. >> denominated currency refers to the currency specified in the contract for the calculation of the price, which may be the currency of the exporting or importing country, or the currency of a third country, but it must be a freely convertible currency, and which currency is to be used by the trade parties.　　For those countries that have entered into payment agreements with our country and have restricted the use of certain currencies, the prescribed currency may be used as the currency of valuation. >> settlement Currency as the international settlement currency, that is, the local currency in international trade to carry out the valuation and settlement of the monetary function. The RMB settlement of cross-border trade refers to the settlement of import and export trade in renminbi and settled in renminbi.