Qilu bank has become the first legal person bank in the province to set up cross border trade RMB settlement business qualification.
recently, the people's Bank of China, Ji'nan branch has approved the Qilu bank's cross-border trade in RMB settlement business qualification, indicating that Qilu bank has formally established various conditions for the cross-border trade of RMB settlement business, to become the first furniture in the province. A bank that handles cross border trade in renminbi settlement business.
cross-border trade RMB settlement is a new policy to help enterprises to solve the problem of exchange rate risk and to improve the trade conditions. It refers to the cross-border trade settlement mode in which RMB is used as a valuation unit in the links of trade contract signing, clearance and payment. After the State Council announced the pilot of cross-border RMB settlement in 4 key cities in Shanghai and Guangdong Province in July last year, the State Council again announced the expansion of the pilot scope of the business with the cross-border RMB settlement business, which will include 18 provinces (autonomous regions and municipalities directly under the central government), including Shandong Province, second this year. The pilot area, at the same time, extends the cross-border RMB settlement from Hong Kong, Macao and ASEAN to all countries and regions to achieve regional "double expansion", and the scope of the pilot business extends to service trade and other current account settlement.
cross-border trade RMB settlement will help enterprises to effectively avoid exchange rate risk, lock up the cost of import enterprises and the income of export enterprises in advance, so as to protect the firm's steady operation. The direct settlement of RMB will help to reduce the transaction costs, such as exchange and handling fees, and reduce the cost burden of enterprises, and help the enterprises to improve their market competitiveness and grab orders. Since the introduction of this settlement method, it has been widely welcomed by import and export enterprises. After the opening of this business, Qilu bank will provide more intimate and convenient services for cross-border trade settlement and financing for small and medium-sized enterprises, and effectively save the cost of cross-border trade in small and medium-sized enterprises.