China's border province posts solid growth in cross-border payments in Q1

KUNMING - China's southwestern Yunnan province posted robust growth in cross-border payments and settlement of foreign exchanges in the first quarter.

Cross-border revenue and expenditure was $6.87 billion from January to March, up 6.86 percent year-on-year, the Kunming Central Sub-branch of the People's Bank of China said Sunday.

Since the beginning of this year, Yunnan has seen a rapid rebound in exports, leading to a steady rise in the total volume of foreign trade.

In the first quarter of this year, the total amount of foreign exchange settlements by banks in Yunnan reached $3.167 billion, up 18.66 percent year-on-year. The figure also marks a growth for the fourth consecutive quarter.

The branch forecasts further growth in the foreign exchange settlements in the second quarter.

Bordering Vietnam, Laos and Myanmar, Yunnan has accelerated economic and trade cooperation with southeast Asian countries in recent years.