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Zhoushan's cross-border RMB settlement in bulk commodities up 120%

Updated : 2022-06-21 (chinadaily.com.cn)

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An aerial view of the Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone. [Photo/WeChat account: china-zjftz]

The cross-border renminbi settlement in bulk commodities in the Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone increased 120.6 percent year-on-year to 3.281 billion yuan ($490 million) in the first five months of this year.

The figure includes more than 800 million yuan from businesses that settle international trade in RMB for the first time.

The JUSDA Energy Science and Technology Co Ltd recently completed its first order in RMB. As the first offshore international trade business in Zhoushan, JUSDA used to trade in dollars, according to Cao Xiafei, director of JUSDA's general office.

Cao noted that RMB settlement is helpful in reducing the influence of changing international currency exchange rates on JUSDA and minimizing currency exchange losses.

To encourage more businesses to trade in RMB, the central Zhoushan branch of the People's Bank of China has arranged for financial institutions in the city to visit 800 local enterprises to promote the city's policies on cross-border RMB settlement.

Tang Jingjing, deputy head of the PBOC's central Zhoushan branch, said that the bank will make use of PBOC's overseas branches to help local enterprises manage changes in the international situation.