Foreign companies in zhejiang, which have been granted cross-border trade in renminbi, do not have to worry about currency risk
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Published time: 3759 days ago
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In April last year in Shanghai, guangzhou, shenzhen, zhuhai and dongguan five cities for cross-border yuan trade settlement pilot areas, after yesterday, the state council announced for increased cross-border yuan trade settlement experimentsite area of zhejiang province, the province, such as hangzhou, ningbo and wenzhou city become a new pilot city.
In April last year in Shanghai, guangzhou, shenzhen, zhuhai and dongguan five cities for cross-border yuan trade settlement pilot areas, after yesterday, the state council announced for increased cross-border yuan trade settlement experimentsite area of zhejiang province, the province, such as hangzhou, ningbo and wenzhou city become a new pilot city.
In April last year in Shanghai, guangzhou, shenzhen, zhuhai and dongguan five cities for cross-border yuan trade settlement pilot areas, after yesterday, the state council announced for increased cross-border yuan trade settlement experimentsite area of zhejiang province, the province, such as hangzhou, ningbo and wenzhou city become a new pilot city.
Zhejiang branch of bank of China on the same day, successfully dealt with in the first cross-border yuan trade settlement business, the bank of zhejiang products international trading co., LTD. Respectively, fortis group co., LTD., its Hong Kong customers pay for the imported goods 2.45 million yuan and 1 million yuan, at the same time, it also hot couplet of hangzhou import and export co., LTD., Singapore to its customers to open an amount to more than 410 410 yuan RMB l/c.
Zhejiang branch of bank of China officials told reporters that the people's bank of China has decided to further promote the reform of RMB exchange rate formation mechanism, the import and export enterprises must fully attaches great importance to the exchange rate risk.
And by settling cross-border trade in renminbi, the import and export corporation can avoid foreign exchange, settlement and exchange rate risk.
According to informed, cross-border yuan trade settlement business launched in July last year, in the process of RMB internationalization is a major landmark event.
On July 6, 2009, the bank of China's Shanghai branch successfully completed the first cross-border RMB settlement business in China, marking the official launch of the business in our country.
The business was opened in zhejiang province yesterday after zhejiang province became the new pilot.
The profit margins of foreign trade companies are generally low, and the huge swings in exchange rates often bring huge losses to companies.
The losses from previous exchange rate changes are borne by domestic companies, and if they are settled in renminbi, they can move their exchange rate risk to foreign companies.
Such as zhejiang products international trading co., LTD. The volume of trade and Hong Kong and other regions more than 400 million yuan a year, such as taking the RMB cross-border settlement, can save a year of more than 160 currency exchange cost.
According to the bank of China zhejiang branch concerned personage introduction, cross-border yuan trade settlement pilot expanding policy, for the foreign trade enterprises, the most direct advantage is that can simplify the procedure of cross-border trade, avoid exchange rate risk, lock in transaction costs, improve enterprise anti-risk ability and profitability.
