business

Cumulative cross-border renminbi settlement in Yunnan exceeds 568 bln yuan

KUNMING, Oct. 29 (Xinhua) — The cumulative amount of cross-border renminbi settlement in southwest China’s Yunnan Province since 2010 has reached 568 billion yuan (about 84.4 billion U.S. dollars), according to a local branch of the country’s central bank.

Since 2014, the renminbi has become Yunnan’s largest cross-border settlement currency with ASEAN countries, with Myanmar, Vietnam and Singapore topping market shares, said Li Zezhi of the Kunming branch of the People’s Bank of China.

Li said that, by the end of September, the renminbi had accounted for 38.08 percent of the total cross-border incomes and expenditures of local and foreign currencies in Yunnan, remaining the second largest cross-border settlement currency in the province.

“Yunnan’s cross-border renminbi business has expanded from border trade in the initial stage to all current-account and capital-account investment and financing fields,” Li added.

So far, Yunnan has established cross-border renminbi business with 95 countries and regions, including 37 along the Belt and Road.

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