China to Promote Cross-Border RMB Settlement in Key Areas such as "Belt and Road Initiative" Countries and ASEAN, and across Key Enterprises such as Central State-Owned Enterprises, Central Bank Says

Regarding the cross-border use of RMB, Liu Xingya, deputy director of the Shanghai Headquarters of the People's Bank of China, said at a press conference today that it will make greater efforts to guide financial institutions to provide suitable cross-border financial services for enterprises and promote the innovation of RMB cross-border investment and financing business, meet the cross-border investment and financing needs of enterprises, promote key sectors such as iron ore, oil and natural gas to be settled in RMB, and promote cross-border RMB settlement in key regions such as the “Belt and Road Initiative” countries and ASEAN, as well as key enterprises such as central state-owned enterprises and municipal state-owned enterprises, so as to better serve the country’s key strategies.