Significance of RMB cross-border settlement

From a macro perspective, cross-border RMB settlement is conducive to strengthening China's foreign economic, trade and investment exchanges and promoting China's better integration into the world economy. Further promoting the use of RMB in international settlement and improving the international status of RMB will help to gradually change the international monetary system centered on the US dollar and curb its drawbacks and negative effects.

It is also conducive to further improving the RMB exchange rate formation mechanism. After using RMB for international settlement in a regional scope, the value range of currency is wider, which has the perspective of updating reference standards and is conducive to improving the RMB exchange rate formation mechanism. This will help promote the development of a multipolar international monetary system.

It is conducive to promoting the development and opening up of China's financial industry and enhancing China's ability to allocate financial resources in the international market. It is conducive to accelerating the construction of Shanghai International Financial Center.

With the development of the scope and scale of RMB in international settlement, Shanghai may gradually grow into a regional RMB clearing center, which will make Shanghai's financial functions more perfect and promote the further development of other financial functions, thus gradually building Shanghai into an international financial center.

Which banks have cross-border RMB settlement business?

Cross-border RMB settlement business includes 65,438+09 domestic and foreign banks such as ICBC, Agricultural Bank, China Bank, China Construction Bank, Bank of Communications, China Merchants Bank, Shanghai Pudong Development Bank, China Minsheng Bank, Industrial Bank, Ping An Bank, Huaxia Bank, HSBC (China) and Citibank (China).