The People’s Bank of China (PBC) is piloting a new scheme for the use of Renminbi in settling cross-border trade transactions between the Mainland and neighboring countries and regions. The first transaction was conducted between banks in Shanghai and HongKong via PBC’s large value system on 7 July.

In April the State Council decided to implement this pilot program in an effort to help firms simplify trading procedures and reduce operation costs. The central bank issued a detailed regulation for the pilot program on July 2, allowing selected exporters and importers in Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan cities to settle cross-border trade deals in Renminbi.

• OCBC Bank Settles its First Cross-border Trade in Renminbi
• MetroBank to Offer Renminbi Trade Settlement Services
• HSBC Launches Renminbi Internet Banking Services
• Longtop to Upgrade the Clearing Center Operation System for a Big Four Bank
• Bank of China International Selects GL TRADE for Order Management and Trading Activities
• J.P. Morgan Provides RMB Trade Settlement Services From Mainland China
• Multi-currency Cross-border Payment Arrangements between the Mainland and Hong Kong
• ICBC Signs for SWIFT’s Remittances Solution