Lin-gang announces plan to facilitate firms' cross-border RMB settlement
The China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area Administration and the Shanghai Bank Foreign Exchange and Cross-Border Renminbi Business Self-Discipline Mechanism held a news conference on a plan involving the facilitation of cross-border RMB settlements for enterprises in the Lin-gang Special Area on March 5.
The plan is part of the several suggestions on further accelerating the construction of the Shanghai international financial center and financial support for the integrated development of the Yangtze River Delta, released by Bank of China (BOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the Shanghai Municipal Government on Feb 14.
According to the plan, banks can directly handle RMB settlements for the cross-border trade of goods and services, RMB capital, and cross-border financing for enterprises, as well as repatriate funds raised from overseas listings, according to the enterprises' receiving or payment instructions.
The plan is aimed at enterprises in key industrial fields like integrated circuits, artificial intelligence, biomedicine, aerospace, new energy, intelligent networked automobiles, intelligent manufacturing, and high-end equipment in the Lin-gang Special Area.
A plan for the facilitation of cross-border RMB settlements for enterprises in the Lin-gang Special Area is officially announced in the Lin-gang Special Area on March 5, 2020. [Photo/WeChat account: shlgguanweihui]
To learn more, please refer to the authoritative Chinese version of this article.