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Xinjiang's cross-border RMB settlement grows 44-fold in six years

Xinhua, March 29, 2017 Adjust font size:

Cross-border RMB settlement grew 44-fold to 220 billion yuan (32 billion U.S. dollars) in northwest China's Xinjiang Uygur Autonomous Region since the region launched the business in 2010.

As of February, Xinjiang has conducted cross-border RMB settlement with 86 countries and regions. Overseas banks and social organizations have opened 358 RMB settlement accounts, according to the Urumqi branch of the People's Bank of China, the central bank.

The total amount of RMB settlement under current accounts is 185 billion yuan while the amount under capital accounts was more than 42 billion yuan.

Analysts said the vigorous development of the cross-border RMB settlement in Xinjiang will help more local enterprises expand abroad. Endi