(Focus on China-ASEAN Expo) Cross-border RMB receipts and payments between China and ASEAN in the first three quarters increased by nearly 3 trillion yuan year-on-year
China News Service, Nanning, November 28 (Reporter Huang Yanmei) Pan Gongsheng, deputy governor of the People's Bank of China, introduced on the 28th that in the first three quarters of this year, cross-border RMB receipts and payments between China and ASEAN countries totaled 2.9 trillion yuan, a year-on-year increase of 64%. .
The People's Bank of China will continue to strengthen various forms of monetary and financial cooperation between China and ASEAN to promote the stable development of regional finance.
The 17th China-ASEAN Expo opened in Nanning on November 27.
Photo by China News Agency reporter Yu Jing
The 12th China-ASEAN Financial Cooperation and Development Leadership Forum was held in Nanning, Guangxi. Pan Gongsheng made a video speech at the forum, saying that China is working hard to build a new development pattern with domestic and international dual cycles as the main body and mutual promotion of domestic and international cycles. With a high level of opening up to the outside world, the economic and trade exchanges between China and ASEAN will be closer in the future, and monetary and financial cooperation will have a broader space.
Pan Gongsheng said that the People's Bank of China is willing to continue to deepen monetary and financial cooperation with the central banks of ASEAN countries, and will support China-ASEAN trade in more local currency-based settlements, and promote trade and investment facilitation.
At the same time, intensify cross-border financial business innovation to provide high-quality financial services for the development of economic and trade cooperation parks.
In the first three quarters of this year, China's imports and exports to ASEAN increased by 7.7% year-on-year, and ASEAN historically became China's largest trading partner.
For China-ASEAN cooperation, finance is an important supporting force.
At present, the two parties have established a multi-level regional financial cooperation mechanism and have continuously strengthened various forms of local currency cooperation such as local currency settlement, local currency swaps, and clearing banks.
According to Pan Gongsheng, the People’s Bank of China has signed local currency settlement agreements with the Central Bank of Laos and the Central Bank of Vietnam; signed local currency swap agreements with the central banks of Indonesia, Malaysia, Thailand, Singapore, and Laos; established RMB in Malaysia, Thailand, and Singapore. Clearing arrangements; signed a memorandum of understanding and cooperation with the Bank of Indonesia to promote the use of local currency.
China continues to deepen the reform and opening up of the financial market, and market players from ASEAN countries continue to invest in China's financial market.
The Philippine government, United Overseas Bank, etc. have successfully issued panda bonds in China’s inter-bank bond market; Singapore dollars, Malaysian ringgits, Thai baht and Cambodian riel have been listed on the China Foreign Exchange Trading Center; Singapore has become an important offshore RMB market, Renminbi and foreign exchange transactions have become increasingly active.
This forum reached a number of pragmatic cooperations, including the Southeast Asian Monetary Research Center Project of the Chinese Numismatic Society, the Bank of China’s cross-border financial innovation center project for ASEAN, the launch of the China-ASEAN Financial Service Platform (English version), Bank of Communications and CIMB Malaysia Signed the "Letter of Intent on Cooperation in Pilot Cross-border RMB Financial Innovation between China and Malaysia". (Finish)