In 2009, with the Shanghai branch of Pudong Development Bank completing a Renminbi settlement for a client importing nozzle heaters from a trading company in Singapore, cross-border trade Renminbi settlement officially advanced into Singapore. This also marked the completion of Pudong Development Bank's first cross-border trade Renminbi settlement in Shanghai.
It is reported that since Pudong Development Bank recently received approval from the People's Bank of China to officially conduct cross-border trade Renminbi settlement, over 50 enterprises in Shanghai alone have submitted applications for cross-border trade Renminbi settlement to Pudong Development Bank, with 13 enterprises already entering the first batch of pilot projects.
A representative from Pudong Development Bank stated: “Cross-border trade Renminbi settlement is an important component of the regionalization and internationalization of the Renminbi and is a significant factor in improving and enhancing the international financial system. This initiative will play a positive role in facilitating trade, helping enterprises avoid exchange rate risks, and ensuring the safety of foreign exchange receipts for export enterprises. Furthermore, this initiative will also accelerate the construction of Shanghai as an international financial center.”
It is known that the Guangzhou and Shenzhen branches of Pudong Development Bank will soon complete cross-border trade Renminbi settlement operations.
