China aims to expand cross-border RMB use

The Ministry of Commerce and the People's Bank of China, the central bank, have jointly issued a notice to expand the use of renminbi in cross-border trade and investment to improve trade and investment facilitation, according to the MOC on Wednesday.

The notice urged local commerce authorities and branches of the central bank to fully realize the positive role of cross-border renminbi business in serving the real economy and promoting trade and investment facilitation.

It asked them to timely study and match the needs of industries and enterprises and take targeted measures in accordance with local conditions to create a good environment for the cross-border use of renminbi.

The notice asked to facilitate renminbi settlement in various cross-border trade and investment scenarios with more convenient and efficient settlement services from banks.

It also encouraged banks to have overseas loan business, and actively innovate products and services, to meet cross-border renminbi financing and investment demand of enterprises, among others measures to promote the use of renminbi in cross-border scenarios.