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Cross Border Trade RMB Settlement
- May 28, 2020 -

In recent years, a number of cross-border trade RMB settlement pilot enterprises have emerged in China, and many non pilot enterprises are also eager to try. However, due to the low acceptance of RMB and the low degree of globalization, enterprises have encountered some difficulties.


When it comes to cross-border trade RMB settlement, Mao Xiahua, head of Shanghai Feima import and Export Co., Ltd., said: "European and American purchasers generally use US dollars instead of RMB for settlement. Enterprises only have RMB settlement with Hong Kong and Macao purchasers, but the number is very small." She also said that in such a fierce situation of foreign trade competition, overseas purchasers are becoming more and more "smart". If they start to use RMB for settlement, overseas purchasers will turn to enterprises willing to use US dollars for settlement, so enterprises face the risk of order loss.

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Mao's point of view represents the aspirations of many pilot enterprises. Huang Yijia, general manager of Guangzhou light Export Group Co., Ltd., said that in the current buyer's market, buyers will not bear the risk of exchange rate fluctuations, only foreign trade enterprises themselves bear the loss caused by exchange rate fluctuations. Yuan congchong, a salesman with Zhejiang Zhuoling Industrial Co., Ltd., also told reporters that the final decision on whether to use RMB for settlement is still in the hands of customers.


平安彩票Guangzhou light Export Group uses RMB for settlement in cross-border trade only a few times. "Unless it's a big customer who orders millions of dollars, and a long-term partner, it's willing to settle in RMB." General manager Huang Yijia said.


平安彩票It is worth mentioning that in a large number of cross-border RMB settlement pilot enterprises, there are also many cases that actively require RMB settlement. Wang Nan, deputy general manager of Guangdong foreign trade development company, told a story to the reporter: "in 2011, the financial director of one of our old Canadian customers took the initiative to ask for RMB settlement, and we signed a one and a half year exchange rate lock-in. However, such cooperation only lasted for half a year, and the Canadian businessman finally asked to stop RMB settlement and resume settlement in US dollars. " "If cross-border RMB settlement is fully launched, enterprises on the front line can enjoy the benefits of reducing exchange rate risk when they implement it," Wang said

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