The trial of RMB settlement of Cross-border Trade is officially launched in Shanghai

Xinhua Shanghai July 6 Electric cross-border trade renminbi settlement pilot 6th in Shanghai officially launched.　　The Bank of China Shanghai Branch, the Bank of Communications Shanghai Branch completed the first export of mainland enterprises to Hong Kong, trade loans by the BOC Hong Kong into the mainland, the renminbi inward remittance business, as well as the first Cross-border trade RMB remittance business, settlement funds have been successfully in place. Shanghai Electric Group Company Limited, Shanghai Silk Group Co., Ltd., Shanghai HuanYu Import and Export Co., Ltd 3 companies in Shanghai and Hong Kong, Indonesia's trading partners signed the first use of renminbi as a cross-border trade settlement currency trade contracts.　　Shanghai Electric, Shanghai Silk group total exports of 13.98 million yuan, Shanghai HuanYu Import and Export Co., Ltd. Import amount of 300,000 yuan. The trial of RMB settlement of cross-border trade is an important measure to implement the State Council's opinions on financial promotion of economic development, to deal with financial crisis, to meet the needs of enterprises and to promote the sustained and healthy development of China's economy. Since last August, the State Council has clearly pointed out in the relevant meetings and documents on the implementation of the Cross-border trade renminbi settlement pilot.　　Analysts believe that the first trial of the pilot in Shanghai and Hong Kong, reflecting the central demand for Hong Kong and the mainland to strengthen financial co-operation to promote the development of the two financial systems in the territory of the spirit of interaction. Su Ning, deputy governor of the People's Bank of China, said Cross-border trade in renminbi settlement would help foreign trade companies avoid exchange rate risks and reduce exchange costs. RMB settlement of Cross-border trade is not included in foreign debt management, only for foreign debt registration, simplifying the business settlement formalities. The first renminbi settlement fund has been passed through the central bank's large payment system and remitted from Hong Kong to the accounts of exporters in the domestic clearing branch, a milestone in the close cooperation between the two companies.