Shandong sees growing cross-border RMB business with SCO members

(| Updated : 2022-09-20

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East China's Shandong province has seen growing cross-border RMB business with Shanghai Cooperation Organization (SCO) member states, local media reported.

In the first eight months of this year, the cross-border RMB business volume between Shandong and SCO countries reached 21.27 billion yuan ($2.99 billion), up 255.12 percent year-on-year. The province's RMB receipts and payments with SCO countries accounted for 31.6 percent of local and foreign currency cross-border receipts and payments, 13.7 percentage points higher than the average level.

The Jinan Branch of the People's Bank of China strengthened policy publicity, and promoted the development of cross-border RMB business between enterprises within its jurisdiction and SCO member countries and regions. It has held policy training and promotion meetings for key enterprises, involving a total of 546 enterprises.

China is working to promote the implementation of the roadmap for SCO member states to expand shares of local currency settlement, better develop the system for cross-border payment and settlement in local currencies, and support the establishment of an SCO development bank to speed up regional economic integration.

The RMB settlement in new forms and models of foreign trade will better serve the real economy and facilitate trade and investment, say industry experts.