Cumulative cross-border renminbi settlement in China's Yunnan exceeds 600 bln yuan

The cumulative cross-border renminbi settlement in southwest China's Yunnan province has reached nearly 608 billion yuan (about 93.8 billion U.S. dollars) as of March, according to a local branch of the country's central bank.

In the first quarter of this year, the total cross-border renminbi settlement in Yunnan reached 19.4 billion yuan, up 51.56 percent year on year, the Kunming branch of the People's Bank of China said on Monday.

Of the total amount, the cross-border renminbi settlement under current accounts exceeded 11.5 billion yuan, up 14.38 percent year on year, mainly due to the increase in trade settlement with Vietnam and other countries.

The settlement under capital accounts reached nearly 7.9 billion yuan, soaring 188.76 percent year on year, mainly due to the substantial increase in cross-border investment and financing by enterprises.

Yunnan has established cross-border renminbi business with 106 countries and regions, including 40 along the Belt and Road.