On April 27, under the continuous promotion of the “the Belt and Road” initiative, the economic, trade and financial cooperation between China and the co construction countries has reached a new level. The reporter recently learned from the People’s Bank of China that in the first quarter of this year, the receipt and payment amount of cross-border RMB business in China and Malaysia was 102 billion yuan, up 27% year on year; The cross-border RMB business receipts and payments with Cambodia amounted to 5 billion yuan, a year-on-year increase of 45%. Among them, the cross-border RMB receipts and payments for goods trade amounted to 1.3 billion yuan, a year-on-year increase of 23%. Since the pilot program began in 2009, China’s cross-border RMB settlement business has achieved rapid development, “said Wen Bin, Chief Economist of China Minsheng Bank.” Chinese enterprises using RMB for pricing and settlement in foreign economic and trade exchanges can not only avoid exchange rate risks, but also reduce third-party currency conversion costs and lower corporate financial costs. (Economic Daily)
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