RMB 14 provinces and cities in cross-border settlement or add

last July in Shanghai and Guangdong in four cities on the yuan cross-border trade settlement policyRecently, the region is expected to add 14 pilot provinces and cities.

Chinese peopleSu Ning, vice president and central bank monetary policy Second Secretary, Bo said in Shanghai yesterday, since late last year, the central bank joint Ministry of Commerce, customs, taxation, the Ministry of Finance, china Banking Regulatory Commission and other six ministries, has been further promoting cross-border trade in RMBconducted an investigation, the scope of the current expansion of the pilot and broaden the sources of problems outside the yuan basically reached a consensus.

According toPress the information received, the future will have 14 provinces and cities included in the new batch of pilot areas, including Suzhou, Jiangsu Province, Wuxi, Changzhou and Nantong four cities, and Zhejiang Province Hangzhou, Ningbo and Wenzhou are to be includedpilot.

system design

" to createan equal environment"

Suning and Bo are attending the Third Yangtze River Delta Financial Forum made the above statement.Bo said the next step will be to fulfill the procedures for approval.

on the same occasionState Administration of Taxation of goods Wang Zhenhua, deputy director of tax services said the border with the neighboring countries for the general trade exports RMB export tax rebate policy, it has also been approved by the State Department, will be promulgated recently.

" weshould allow the yuan's international status and the total trade of China's economic strength and adapt." implementation of the yuan trade settlement for the original purpose of the meeting reiterated yesterday Suning, the country's economic strength and trade volume is increasing, but the financial position andstrength, the volume of trade is still weak compared.

Su Ning said,the yuan trade settlement is the choice of the market, not to say that some preferential policies to promote the development of the use of RMB in settlement, but to create an equal environment for the implementation of the international market approach to the design of the yuan trade settlement methods and systems, the mostA key to allow foreign currency to do that also allowed the yuan to make.

Suning anotheralso said," We only monitor and control cross-border movement of the renminbi, the currency out later how to use, how control would not care." He pointed out that the authenticity of trade in the capital account is not open to cross-border cases, the RMBflows will be audited, but audits are not taken prior approval of the way, but after checking to ask the enterprises to establish a capital flow and logistics correspond to the Ledger and Ledger take a long-term retention.

" smallEnterprise

shouldincluded in the pilot area"

As to the specific pilot projects to expand the scope of the settlement, the State Administration of Foreign Exchange deputy director rectangle on the pump, said yesterday at the forum, the RMB settlement of cross-border trade policy the next step will be to consider expanding the pilot to Africa, Latin America and the European Union countries and regions.

" currentPilot policy to restrict foreign trading partners, and ASEAN countries, Hong Kong and Macao enterprises, administrative access to a way to determine the qualifications of the pilot enterprises, may be affected to some extent the potential demand for the yuan trade settlement." side on the pump introduction," On the other hand, Africa, Latin America, parts of some countries are willing to trade or in financing in the general context of acceptance of RMB. part of the European customers of the RMB interest."

By contrast, the Customs Department yesterday, Li Wei, deputy director of supervisionThe focus is on expanding the scope of pilot enterprises.In his view," should be with the Hong Kong, ASEAN SMEs and from relatively close range of Hong Kong enterprises included in the pilot, the full release of cross-border trade, RMB effective demand."

According to yesterday's meeting in Shanghai said Zhang Xinsheng, deputy director of the Business Council, followingShanghai first batch of 92 units included in the pilot cross-border trade, the second family reported the number of units has reached 963.He suggested that Shanghai and pilot in the number of participating enterprises outside the market to be further enhanced and open.

central bank deputyGovernor Su Ning: studying in Shanghai built offshore yuan market

Oriental Morning Post Duqin Qing

Oriental Morning Post trainee journalist Fu Bin

" we support the establishment of offshore yuan market in Hong Kong, we are studying, can an offshore yuan market in Shanghai." Bank of ChinaDeputy Governor Su Ning yesterday in Shanghai to attend the Third Yangtze River Delta Financial Forum, said.

Su Ning said,in the yuan is not yet fully convertible, give out a transaction outside the market, the yuan, so as to promote and ensure the development of the yuan trade settlement.

According, as at present China has yet to achieve the freedom of RMB under capital account convertibility, to get the RMB can not enter China's overseas enterprises to invest in capital markets, a return to a certain extent so that the enterprises to participate in Daji RMB trade settlement initiative.

on this, Su Ning said the central bank is considering the establishment of the RMB yuan to flow outside the offshore market, the yuan makes foreign companies can get in this market liquidity for trading, a gain.

Su Ning said,in total control, to allow trade-related finance intermediation, so the central bank also allowed the yuan and trade-related purchase and sale, financing, lending, including trade financing, of course, have a total control to ensurerisk control.

yesterday,On the same occasion, the Second Secretary, People's Bank of monetary policy Li Bo also said the premise of risk control, will expand the use of RMB and foreign sources to support the development of offshore renminbi offshore and offshore renminbi market channels and by the use ofprofit sources, will also gradually and orderly development of the domestic market, applications for foreign collaboration to expand the yuan main channel.

withcan be contrasted with the central bank had more attitude is established in the offshore renminbi offshore markets rather than domestic, although Shanghai and Tianjin have proposed the establishment of an offshore renminbi market demand.

year 3months, as the CPPCC National Committee members during the two sessions, said Su Ning, it is hoped to establish some of the RMB in the foreign offshore market.In the Spring Festival, Hong Kong, the HKMA issued a circular, relaxing restrictions on the use of RMB in Hong Kong, which will not only promote the development of the RMB trading settlement, but also to offshore renminbi in Hong Kong and gradually establish a market.

Hu Crossborder trade settlement size accounts for half of the

Oriental Morning Post Duqin Qing

Tu, vice mayor of Shanghai in the Yangtze River Delta Financial Forum yesterday, said in July last year launched the pilot cross-border trade in RMB in Shanghai since the settlement amount accumulated over 70 billion yuan, of which this yearThe settlement amount has been reached 5 billion yuan.Fang Xinghai, director of Shanghai Financial Services Office, adds that, as of March 25, Shanghai-scale cross-border trade reached 7.3 billion RMB, accounting for 50% of the total scale.

conferenceThe data provided show that as at the end of February, the national cross-border trade reached 11.6 billion RMB.

Tu Guangshao yesterdaysaid the pilot cross-border trade settlement in RMB business and for the relevant financial product innovation and further opening up the path.Tu said that the pilot needs RMB business outside the pilot areas in the open settlement accounts and other related conditions, through pilot projects, domestic and overseas business innovation are gradually supporting the development of Shanghai's related companies and banks in the buyer's credit, overseas investment of RMBRMB purchase and sale of foreign security and operational aspects of the RMB also the first to break through.

He said, Shanghai will strive to explore the Yangtze River Delta platform to provide access and to promote regional cooperation within the financial structure of the business.

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