Zhoushan authorities ramp up efforts to encourage more local foreign trade companies to employ RMB settlement. [Photo/WeChat account: china-zjftz]

The cross-border renminbi settlement in Zhoushan, East China's Zhejiang province is expected to reach 68 billion yuan ($10.5 billion) in the first half of the year, local media reported on July 2.

As of the end of May, Zhoushan's cross-border RMB settlement was valued at 67.17 billion yuan, a year-on-year increase of 20.5 percent and accounting for 15.4 percent of the provincial total.

The figure included 1.49 billion yuan in the cross-border RMB settlement of bulk commodities.

To encourage more local companies to employ RMB settlement, 16 financial institutions in Zhoushan have visited more than 70 local foreign trade companies to introduce relevant favorable policies this year.