Skip to content

China Expanding RMB Settlement to All Countries

China has expanded the trial regions that may use the RMB to settle cross-border trade from Hong Kong, Macao, and ASEAN countries to all countries. The Bank of China, the Ministry of Finance, the Ministry of Commerce, the General Administration of Customs, the State Taxation Administration, and the Banking Regulatory Commission jointly issued an order on June 22, 2010. The number of trial provinces increased to 20. For 8 bordering provinces, all enterprises with import or export permission are allowed to use the RMB for trade. For other provinces, only approved trial enterprises can use the RMB for settlement and the number of those trial enterprises are increasing.

Source: China News Service, June 22, 2010