Yunnan expands cross-border RMB business to 80 countries
In the first three quarters of 2017, Yunnan registered a net cross-border RMB inflow of 8.367 billion yuan in 80 countries and regions. The collection-payment ratio was 1.54:1, unchanged from the same period last year. The current accounting of RMB funds registered a net inflow of 13.815 billion RMB. This trend was mainly due to the settlement of payments from foreign exports to neighbouring countries. Meanwhile capital account RMB funds registered a net outflow of 5.449 billion yuan, mainly due to direct investment and cross-border financing expenses headed to Chinas Hong Kong, Singapore and other areas.
Over the same period, Myanmar surpassed Chinas Hong Kong to become the largest market for Yunnan cross-border RMB settlements, accounting for 35.51 percent of the total amount. This number is up 4.54 percentage points year-on-year. Hong Kong ranked second, followed by Vietnam, Singapore and Thailand. The top five countries accounted for more than 90 percent of the total settlement amount.
