China to Further Expand RMB Settlement for Cross-Border Trade, State Council Says

On April 25th, the General Office of the State Council issued opinions on promoting foreign trade and optimising the foreign trade structure and cross-border settlement services. China encourages financial institutions to innovate and improve foreign exchange derivatives and cross-border RMB business, further expand the scale of RMB settlement for cross-border trade, and better meet the needs of foreign trade companies for exchange rate hedging and cross-border RMB settlement. China supports all local regulators to strengthen policy publicity, optimise public services, promote precise matchmaking between banks and enterprises, and fully benefit enterprises.