Global EditionASIA 中文双语Français
Business
Home / Business / Policies

China's Hainan sees cross-border RMB use exceed 300b yuan

Xinhua | Updated: 2024-02-01 16:55
Share
Share - WeChat
An aerial photo shows the scenery in Haikou, South China's Hainan province. [Photo/Xinhua]

HAIKOU - South China's Hainan province recorded 326.8 billion yuan ($46 billion) of renminbi (RMB) cross-border settlement in 2023, representing a massive 122.9 percent year-on-year increase, said local authorities on Wednesday.

It marked the first time the province had seen its cross-border RMB use account for over a half of its total cross-border settlement in both domestic and foreign currencies, according to Huang Ge, deputy head of the Hainan branch of the People's Bank of China.

By the end of 2023, the banking institutions of Hainan handled cross-border RMB business involving 3,729 enterprises across the province, up 27.3 percent year-on-year.

The province also recorded a substantial increase in RMB cross-border settlement with major countries and regions, including ASEAN. In 2023, the RMB cross-border settlement between Hainan and the ASEAN countries soared by 149.6 percent year-on-year.

During the same period, Hainan's RMB cross-border settlement with Belt and Road partners increased by 146.2 percent year-on-year, while that with member countries of the Regional Comprehensive Economic Partnership (RCEP) gained 133.2 percent year-on-year.

Top
BACK TO THE TOP
English
Copyright 1995 - 2025. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE