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Cross-border Settlement in RMB
2017-10-26
(I) Product function
The clients apply to our Bank for cross-border payment and settlement in RMB.
(II) Business characteristics
1. Increase the choice of settlement currency, so as to avoid exchange rate risk;
2. There is no need to settle foreign exchange, so as to reduce the cost of exchange;
3. Reduce foreign exchange derivatives and dual foreign exchange transaction costs;
4. The settlement speed is higher and the capital utilization efficiency is higher.
5. Be beneficial for the financial settlement of enterprise cost, so as to avoid domestic and foreign currency conversion.
(III) Applicable objects
Import and export clients with RMB settlement demand in the process of overseas trade.
(IV) Business procedure
Except for the Description of Import Payment/Export Collection for Cross-Border Trade Settlement in RMB, which should be filled in separately during collection and payment, other specific procedures are the same as outward/inward remittance of our Bank.
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