On the afternoon of August 26, 2020, to thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council about expediting the formation of a new development pattern with the domestic cycle as the mainstay and international and domestic cycles promoting each other, and stepping up efforts to “ensure stability on six fronts” and “maintain security in six areas”, the People’s Bank of China (PBC) held a symposium on facilitating corporate trade and investment with cross-border use of the RMB. Pan Gongsheng, member of the PBC CPC Committee and PBC Deputy Governor, presided over and addressed the symposium.
Enterprises present at the symposium held that since the beginning of 2020, facing the unexpected hit of the pandemic, the PBC has acted swiftly and decisively by introducing cross-border RMB policies and measures in time to support pandemic containment, secure supply, and help enterprises resume work and production. Those policies have proved vigorously effective in lowering transaction costs for enterprises, controlling exchange rate risks, avoiding foreign exchange losses, and holding financial costs at a fixed level. Cross-border RMB settlement has witnessed a growth in volume against the general downward trend, its advantage of facilitating trade and investment becoming more prominent. The enterprises also proposed opinions and suggestions concerning how to improve the use of cross-border RMB on fronts such as further optimizing cross-border RMB business policies, strengthening the infrastructure of cross-border RMB use, and supporting the growth of offshore RMB markets.
It was emphasized at the symposium that in the next step, centering around the needs of the real economy, the PBC will work closely with relevant ministries and commissions to further facilitate RMB settlement in trade and investment at higher levels, improve cross-border RMB policies, clear “the final mile” of the path to policy implementation, and provide solid support for better “ensuring stability on six fronts” and “maintaining security in six areas.”
It was stated at the symposium that financial institutions should constantly improve their ability to provide financial services, introduce more convenient and efficient cross-border RMB financial products and services, and further improve the efficiency of cross-border and offshore RMB clearing, so as to help various types of enterprises grow in a healthy manner.
Officials of relevant ministries and commissions and representatives from a number of enterprises and banks attended the symposium.
