After three months of hard work and deliberation,the people's Bank of China and six ministries jointly issued "the pilot cross-border trade RMB settlement management measures" yesterday.Shanghai,Guangzhou,Shenzhen,Zhuhai and Dongguan were tentatively scheduled as the trial cities.Outside region were ASEAN countries,HongKong and Macau.The Chinese government has approved to pilot RMB cross-border trade settlement in Shanghai and four cities in South China's Guangdong Province, namely Guangzhou, Shenzhen, Zhuhai and Dongguan in April.
RMB settlement of cross-border trade refers to domestic enterprises and foreign enterprises can be in RMB clearing business,it is not allowed in China before.Not all the enterprises in five region can become a pilot.According to the measures,the pilot enterprises can be recommended by the local governments,then reviewed by Central Bank with the relevant departments.RMB settlement can enjoy tax refund.The management measure stipulates that the export trades using of renminbi-denominated enjoy tax refund(free) policy.Through RMB settlement,enterprises can significantly reduce exchange rate risks.It will also increase the pressure of RMB appreciation.
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