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Home » The Annual Cross-border Rmb Settlement Volume Exceeded 200 Billion Yuan for the First Time, and the Construction of Guangxi’s Financial Opening to Asean Was Basically Completed

The Annual Cross-border Rmb Settlement Volume Exceeded 200 Billion Yuan for the First Time, and the Construction of Guangxi’s Financial Opening to Asean Was Basically Completed

by Iresha Wijewardene
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Recently, the reporter learned from the Nanning Central Sub-branch of the People’s Bank of China that since the approval of the “Overall Plan for Guangxi’s Financial Opening to ASEAN” in December 2018, Guangxi has accelerated various financial reforms and innovations. By the end of 2022, 98% of the construction tasks have been completed. . The annual cross-border RMB settlement volume in Guangxi exceeded 200 billion yuan for the first time, and the total settlement volume in 2022 will reach 221.165 billion yuan, a year-on-year increase of 20.23%, which is 5.75 percentage points higher than the national level.

In order to promote the innovation of cross-border RMB business, Guangxi issued documents such as the “Implementation Plan for Steadily Promoting Cross-border RMB Business in Guangxi” to unite efforts to promote the use of cross-border RMB in the region. The China-Malaysia Qinzhou Industrial Park has carried out five cross-border RMB financial innovation pilot projects leading the country, including the “Facilitation of Cross-Border RMB Two-way Flow”. As of the end of 2022, a total of 48 branches of 14 banks in the financial innovation pilot area of China-Malaysia Qinzhou Industrial Park have been registered as pilot banks, and the cumulative amount of pilot business is 21.309 billion yuan. Three pilot businesses, including “Facilitating Cross-border RMB Two-way Flow”, were replicated and promoted. “Reform and innovation of cross-border RMB use in border areas” was selected as the “Best Practice Case” of the fourth batch of national free trade pilot zones in 2021, and was promoted nationwide by the Ministry of Commerce.

In terms of deepening the reform of foreign exchange management, Guangxi’s market-oriented cash transfer mechanism has continued to improve. Six banks have obtained the qualifications for the inbound and outbound foreign currency cash transfer business, forming land ports with Dongxing and Pingxiang as Vietnamese Dong cash transfers, and Nanning as Thai baht. The foreign currency cash transfer system of the air port where the transfer is carried out.

At the same time, Guangxi promotes pilot projects to facilitate the foreign exchange receipts and payments of high-quality enterprises in trade, and the facilitation of foreign exchange purchase and payment for foreign talents’ salaries. Cancellation of bank account permission. Promote the implementation of qualified foreign limited partners (QFLP) in the free trade zone in an orderly manner. Promote the facilitation of capital account income payment to expand the scope and increase efficiency, and the proportion (amount) of facilitated payment ranks among the top 5 in the country.

Guangxi is actively carrying out green financial reform and innovation, and has built autonomous region-level green financial reform and innovation demonstration zones in Nanning, Liuzhou, Guilin, and Hezhou. Introduce supporting policies for green finance, improve the incentive and restraint mechanism, and implement a special plan for rediscounting carbon emission reduction bills. In 2022, re-loan rediscounting will be used to support green loans and bills totaling 9.931 billion yuan, of which 2.815 billion yuan will be supported in the field of carbon emission reduction. As of the end of 2022, the balance of green loans in Guangxi was 496.56 billion yuan, a year-on-year increase of 34.48%. The issuance of green financial bonds by local corporate financial institutions exceeded the 20 billion yuan mark.

Source: CN Stock

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