Cross-border RMB business grows in Yunnan

The cumulative amount of cross-border renminbi settlement in southwest China's Yunnan Province reached around 45.75 billion yuan (about 7.1 billion U.S. dollars) in the first three quarters of this year, according to a local branch of the country's central bank.

The figure marked a year-on-year increase of 7.5 percent in the period, according to the Kunming branch of the People's Bank of China.

Of the total amount, the cross-border renminbi settlement under current accounts exceeded 33.4 billion yuan, up 14.16 percent year on year, mainly due to the increase in trade settlement with Vietnam, Laos, and Thailand.

The settlement under capital accounts reached nearly 12.35 billion yuan, down 7.14 percent year on year, mainly due to the decrease in cross-border direct investment settlement affected by COVID-19.

The renminbi accounted for more than 38 percent of the total cross-border incomes and expenditures of local and foreign currencies in Yunnan during this period, remaining the second largest cross-border settlement currency in the province.