Chinanews.com, Qingdao, January 3rd (Hu Yaojie and Cai Yaqun) The SCO Cross-border RMB Service Center (referred to as the "Service Center") was established on the 3rd at the China-Shanghai Cooperation Organization Local Economic and Trade Cooperation Comprehensive Service Platform (referred to as "the Service Center") in Jiaozhou City, Qingdao, Shandong Province. SCO Economic and Trade Comprehensive Service Platform") Enterprise Service Center was inaugurated and the first RMB cross-border settlement was completed.
This marks a milestone in the cross-border RMB settlement system for SCO countries built by the China-Shanghai Cooperation Organization Local Economic and Trade Cooperation Demonstration Zone ("SCO Demonstration Zone").
It is reported that the service center is established on the basis of the SCO Economic and Trade Comprehensive Service Platform, which collects information on economic, trade and financial service needs of SCO countries, and focuses on the research and innovation of RMB business for SCO countries.
The service center sets up a research center, a financial service center, an information distribution center, and a talent exchange center to provide one-stop services such as characteristic RMB financing, international settlement, cash management, asset management, and RMB clearing services, aiming to serve SCO countries Provide more convenient settlement channels for economic, trade and investment exchanges between the two countries, and improve the level of trade facilitation.
Enterprises handle cross-border RMB settlement business.
Photo by Jiang Fangmei
On the same day, Qingdao Ou Shunhang Cross-border E-Commerce Co., Ltd., which settled in the Shanghai Cooperation Demonstration Zone, completed the first cross-border RMB payment for overseas trade through the service center.
"We used the RMB cross-border settlement business to pay 17 million yuan to Kazakhstan customers to import wheat bran granules. It is estimated that the payment can be made to the other party in three days, which is very convenient." Yuan Yuping, an accountant of Qingdao Ou Shunhang Cross-border E-Commerce Company, said, There is no exchange rate difference in the cross-border RMB settlement business. While reducing the cost of international settlement, it also avoids exchange rate risks and reduces production and operation costs.
With this benefit, the company's RMB cross-border settlement scale in 2023 is expected to exceed 300 million yuan.
According to reports, the service center has established cooperation with financial institutions such as Industrial and Commercial Bank of China Qingdao Branch and Bank of China Qingdao Branch.
Among them, the Industrial and Commercial Bank of China has established cross-border RMB clearing centers in 10 countries, and established smooth clearing channels and networks through the online cross-border settlement and payment system.
At the same time, in order to further simplify the cross-border RMB settlement process, the service center and relevant agencies have established a white list of high-quality enterprises in the Shanghai Cooperation Demonstration Zone. White-listed companies can directly handle cross-border RMB settlement with relevant electronic documents.
Lin Changhua, deputy director of the SCO Demonstration Zone Management Committee, said that the demonstration zone will take the establishment of the service center as an opportunity to further carry out cross-border RMB business innovation, help enterprises reduce settlement costs, increase settlement rates, and accelerate the construction of RMB cross-border payment settlement system , continue to expand the breadth and depth of cross-border use of RMB, promote the internationalization of RMB, provide comprehensive financial services for economic and trade exchanges between SCO countries and countries and regions along the “Belt and Road”, and accelerate the construction of a new platform for international cooperation under the “Belt and Road” .
It is reported that China announced in June 2018 the construction of the Shanghai Cooperation Demonstration Zone in Qingdao, Shandong Province. This is the only demonstration zone in China to carry out all-round local economic and trade cooperation with the SCO countries and countries and regions along the “Belt and Road”.
According to statistics, in the first three quarters of 2022, the cross-border RMB business volume between Qingdao and SCO countries reached 12.45 billion yuan, of which RMB cross-border receipts and payments with SCO countries accounted for 28.9% of the cross-border receipts and payments in local and foreign currencies .
(use up)