Guizhou sees dramatic increase in cross-border renminbi usage

During the first three quarters of this year, a total of 23.02 billion yuan ($3.22 billion) was used in cross-border exchanges; this is an increase of 67.5 percent from the same period of 2021, according to the Guiyang branch of the People's Bank of China.

The use of renminbi for international projects and direct investments totals 12.64 billion yuan, which is an increase of 304.8 percent year-on-year.

To boost Guizhou's economic development and create a stable environment for the cross-border renminbi payment deals, the Guiyang branch has released a guideline with 18 measures.

According to the guideline, the Guiyang branch will establish three working mechanisms, including a list of key enterprises, a system of main banks, and a system for regular consultation.

The Guiyang branch will further improve their coordination, promote the use of renminbi in cross-border business deals, expand the foreign trade, provide targeted service for direct investment, offer exchange rate risk training, and expand the cross-border financing channels for enterprises.

In the future, the Guiyang branch will enhance publicity and policy introduction to support Guizhou's open economy with cross-border renminbi business.