About the product
Cross-border RMB settlement business refers to the cross-border RMB remittance, collection, letter of credit and other related settlement services that the Bank provides to customers according to the relevant regulations of the People's Bank of China on cross-border RMB settlement.
Product features
1. Reduce operating costs and avoid exchange rate risks. Using RMB for international settlement can save the exchange cost of domestic businesses and help them avoid exchange rate risks caused by currency mismatch.
2. Simplify enterprise procedures and facilitate foreign trade. RMB liabilities arising from cross-border RMB settlement are only registered as foreign debts, and are not included in foreign debt management.
3. Accelerate the settlement and facilitate the operation and management. Cross-border RMB settlement reduces exchange links, shortens the settlement process and improves the efficiency of use of capital. At the same time, the operating results of enterprises are more transparent, which facilitates enterprises to conduct financial accounting.
Application
Export-oriented enterprises engaged in import and export trade, foreign investment, and service trade that have cross-border RMB settlement needs.
Rate
Refer to the relevant charging standards of foreign currency remittance and document business of the Bank.
