Cross-border renminbi settlements in Zhoushan, East China's Zhejiang province, hit a record high in the first quarter of the year to 56.7 billion yuan ($8.76 billion). [Photo/WeChat account: china-zjftz]

Cross-border renminbi settlements in Zhoushan, East China's Zhejiang province, reached a record 56.7 billion yuan ($8.76 billion) in the first quarter of the year, a year-on-year increase of 76 percent, local media reported on April 25.

The figure represents 51.5 percent of the annual target.

A total of 104 financial institutions in Zhoushan dealt cross-border RMB settlements with 35 countries and regions during this period.

The Zhoushan central branch of People's Bank of China (PBOC) also expanded cross-border RMB settlements handling rights from State-owned banks to joint-stock commercial banks, and the central branch expanded the business scope from forfaiting reselling and risk participation to cross-border transfers of paper assets.

In addition, the central branch compiled a list of 150 foreign trade companies in  the city and promoted policies and financial products related to cross-border RMB settlements among them.