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Since the Chinese banks took the lead in testing water in July this year, cross-border trade renminbi settlement has ushered in another signal of positive development in early September – three foreign banks, including HSBC Bank (China) Co., Ltd., have announced the completion of the cross-border Business under the RMB settlement of the territory trade.
Among them, HSBC China has conducted cross-border trade RMB settlement business in its pilot regional cities, including Shanghai, Shenzhen, Guangzhou and Dongguan. The business involves RMB remittance and remittance of cross-border trade settlement, and The RMB documentary credit business is a cross-border trade RMB settlement service bank covering a wide range of local registered foreign banks.
This article will briefly introduce the origin of the RMB settlement of cross-border trade, the scope of the pilot, the impact on the company and the prospects.
At present, the RMB settlement of cross-border trade is still in the pilot stage, which is relatively new. However, the use of the renminbi as an international trade settlement currency has long been a voice and has some solid foundations.
For example, since 1996, the renminbi has realized convertibility under the current account; Yunnan, Guangxi and other provinces have used the renminbi as a settlement currency more frequently in border trade and have been in the history of many years; since 2004, China's Hong Kong and Macao regions In addition, in order to cope with the RMB settlement of cross-border trade, the People's Bank of China has signed currency swap agreements with central banks in Malaysia, Indonesia and Argentina this year to facilitate overseas customers. And use the renminbi.
The global financial crisis caused by the subprime mortgage crisis has brought tangible demand for cross-border trade settlement of RMB, that is, domestic enterprises are eager to use RMB for cross-border trade settlement to avoid major settlement currencies such as the US dollar and the euro. Fluctuations in exchange rates, and overseas customers are also happy to see the renminbi as a stable international trade settlement currency.
On April 8 this year, the State Council executive meeting decided to launch a pilot program for RMB settlement of cross-border trade, which officially opened the prelude to the expansion of RMB settlement from the border trade sector to general international trade.
The qualifications of the pilot areas and pilot enterprises are as of the end of September this year. The pilot areas approved by the State Council include Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan, while the overseas pilot areas include China Hong Kong and Macao, as well as the 10 ASEAN countries.
At present, only domestic companies can only use the RMB for trade settlement with the trading partners of the above-mentioned overseas regions. As of the end of September, 365 companies across the country have pilot enterprise qualifications. For enterprises in overseas regions, there is no threshold limit. As long as they have business dealings with pilot enterprises in China, they can use RMB as the settlement currency.
In order to further promote the development of cross-border trade RMB settlement, relevant persons of the central bank have indicated that the next step will be to promptly invite the State Council to expand the pilot scope on the basis of further improving and clarifying the relevant supporting systems and policies. The first is to expand the pilot area in the country; the second is to expand the overseas pilot area. In addition, we must expand the scope of the enterprise pilot. Some SMEs can also be part of the pilot business in the future.
Settlement methods and applicable international practices The current common international trade settlement methods are equally applicable to cross-border trade RMB settlement, such as documentary credit, documentary collection, credit sales, advance payment, etc. However, companies must declare in RMB and settle in RMB.
Similarly, current GM international trade settlement practices will continue to apply to RMB settlement of cross-border trade. For example, the letter of credit settlement business will continue to apply the No. 600 publication issued by the International Chamber of Commerce, that is, the Uniform Customs and Practice for Documentary Credits; and the collection business will also apply to the publication No. 522 issued by the International Chamber of Commerce, that is, Uniform Collection Rules.
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