To help the “going out” enterprises in Beijing better understand the policies for cross-border RMB business, improve their capability in using RMB overseas, and facilitate their efforts in expanding international market, the China Council for the Promotion of International Trade Beijing Sub-council (CCPIT Beijing) joined hand with Beijing Academy of International Economy and Trade (BAIET), Beijing International Economic and Technical Cooperation Association, and Capital Intellectual Property Services Association to hold a symposium on “Cross-border RMB Settlement and Relevant Policies” on September 28, 2021, attended by representatives from 28 enterprises including Beijing Urban Construction Group Co., Ltd., International Construction Engineering Co., Ltd. under Beijing Construction Engineering Group, Beijing Tongrentang International Pharmaceutical Co., Ltd., BAIC International Development Co., Ltd., Beijing Qixiaor Intellectual Property Agency Co., Ltd., and China Science Patent & Trademark Agent Ltd. Zhu Jialiang, Vice Chairman of CCPIT Beijing chaired this symposium, and Ma Changjun, President of BAIET, made a concluding remark.
Since RMB was used in settlement of cross-border trade in 2009, RMB has been internationalized at an accelerated speed, becoming the world’s third-most-active currency for trade finance after the US dollar and the euro.
At the symposium, Cross-border Department of Operations Office of the People’s Bank of China introduced the plan on facilitating the cross-border RMB settlement for high-integrity enterprises in Beijing that contract projects abroad; Transaction Banking Department of Bank of China-Beijing Branch gave a detailed overview on the advantages of RMB in settling cross-border trade, cross-border RMB business in Hong Kong and ASEAN, use of local currency for settlement of bilateral trade, two-way cross-border RMB cash pooling, and services and products for centralized collections and payments; and Cross-border Interbank Payment System Co., Ltd. introduced the cross-border interbank payment system (CIPS) and standard transceiver.
The representatives of participating enterprises and financial institutions conducted in-depth exchanges on the cross-border RMB settlement. Those enterprises are full of expectations for CIPS’ function of displaying the capital concentration of multinational groups, and pay great attention to services and products such as two-way cross-border RMB cash pooling and use of local currency for settlement of bilateral trade. The enterprises that have large business transactions with Hong Kong, Singapore and ASEAN expressed the need to explore more channels for cross-border RMB settlement.
(Source: CCPIT Beijing)