Quanzhou shoe will enjoy the benefits cross

Recently, growing expectation of RMB appreciation, often use the dollar for trade settlement of import and export enterprises will face even more severe for the exchange rate risk. If you can bypass the U.S. dollar, directly through the RMB to be settled with overseas buyers, so that the enterprise is not only cost and revenue ahead of lock, but also to avoid exchange rate risk is not small. In fact, this is currently being piloted in China cross-border trade in RMB. Last year in July, the first cross-border trade in RMB business in Shanghai, Guangzhou, Shenzhen, Zhuhai, Dongguan pilot. This reporter recently learned from the channel, the pilot is expected to expand to the recent Fujian Province, Quanzhou of enterprises cross-border trade is expected to soon enjoy benefits brought by RMB.


Yesterday's understand that the Bank of China, Industrial and Commercial Bank of China, Agricultural Bank branch in Quanzhou well in advance of the launch preparations for cross-border settlement in RMB.


According to the International Clearing Bank branch in Quanzhou, Lili Yang, director of introduction, the RMB settlement of cross-border trade is denominated in Renminbi, customs, and import and export trade in RMB clearing, settlement of non-trade and services. Beyond the initial pilot projects covering other countries and regions, including ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Myanmar, Laos, Cambodia), Hong Kong and Macau. However, after this expansion of the pilot, other than China is expected to cover all countries and regions outside the area that is no longer restricted.
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"For many import and export enterprises, the import will be RMB into foreign exchange, foreign exchange received export Shi You should replace the RMB, as the exchange rate fluctuations, the cost of virtually swaps has increased a lot. But with the yuan as an international settlement currency, the most direct benefit is that companies avoid exchange rate risk, foreign currency devaluation risk prevention, while enterprises can also be locked prior financial cost, to estimate the expected corporate earnings. "Lili Yang analysis," In addition, the import and export enterprises to use RMB settlement, both to streamline the trading currency exchange link, just go through the balance of payments report, no foreign exchange verification procedures, reduce transaction costs, improve settlement efficiency. "
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Lili Yang said that as the yuan in the relatively strong, many countries, especially Southeast Asian countries willing to accept the settlement currency RMB, RMB transactions directly, it helps to strengthen the confidence of exporters to expand exports.


Port city of Quanzhou as the Industry and Trade, import and export trade, accounting for a larger proportion of the city's GDP in 2009, the city's foreign trade import and export value achieved 8.18 billion U.S. dollars, now the city's foreign trade import and export right close to 5,000 enterprises. The industry believes that the RMB settlement of cross-border trade in promoting economic development of Quanzhou foreign trade is significant.