The cross-border renminbi (RMB) settlement in China (Zhejiang) Pilot Free Trade Zone is expected to total 41 billion yuan ($6.34 billion) in the first two months of this year, a year-on-year increase of 340 percent. [Photo/WeChat account: china-zjftz]

The cross-border renminbi (RMB) settlement in China (Zhejiang) Pilot Free Trade Zone is expected to total 41 billion yuan ($6.34 billion) in the first two months of this year, a year-on-year increase of 340 percent, local media reported on March 3.

In January and February this year, the Zhoushan branch of People's Bank of China (PBOC) made full use of overseas low-cost capital to help local companies secure more working funds.

Moreover, the city branch bank has also strived to obtain more preferential policies from the Zhejiang province branch of PBOC to give priority to Zhoushan when involving cross-border RMB settlement business.

The Zhoushan branch completed 16 billion yuan of cross-border RMB settlement in January alone.

Since Zhejiang FTZ's operation in 2017, it has been working towards becoming a demonstration zone in the internationalization of RMB in bulk commodity's cross-border trade.

Last year, Zhejiang FTZ rolled out measures to expand the application of the trade, as well as investment facilitation policies from the oil product trade to other fields in an effort to ease local companies' financing difficulties.

As of the end of 2020, Zhejiang FTZ's Zhoushan area had completed more than 270 billion yuan of cross-border RMB settlement for more than 800 companies in Zhejiang province. The business scope of the area spans 48 countries and regions.