The cross-border renminbi settlement in the China (Zhejiang) Pilot Free Trade Zone totals 104.8 billion yuan in 2020, a 9.2 percent year-on-year increase. [Photo/WeChat account: china-zjftz]

The cross-border renminbi settlement in the China (Zhejiang) Pilot Free Trade Zone totaled 104.8 billion yuan ($16.23 billion) in 2020, a 9.2 percent year-on-year increase and accounting for 14.4 percent of the provincial total, local media reported on Feb 2.

The Zhejiang FTZ's cross-border RMB settlement business scope extended to 48 countries and regions last year, including 22 countries involved in the Belt and Road Initiative.

In 2017, when the Zhejiang FTZ started operating, its cross-border RMB settlement amounted to only 3.3 billion yuan while the figure grew to 72.8 billion yuan in 2018 and 96 billion yuan in 2019.

Last year, the number of financial institutions offering cross-border RMB settlement service increased from 12 to 16, bringing benefits to more than 800 companies in Zhejiang.

Since piloting cross-border RMB trade and investment facilitation policies in April last year, the Zhejiang FTZ has helped 21 trade companies conduct 123 cross-border RMB settlements worth nearly 1.2 billion yuan.