Agreement For Clearing And Settlement Of Rmb Business

In 2014, RMB`s cross-border trade agreements reached 5.9 TMB, an increase of 42.6% over the previous year, or 22% of China`s trade volume. Two of them. In order to speed up the settlement and efficiency of the use of the fund, Article 19 The pilot company ensures the authenticity of cross-border renminbi business transactions and establishes a system for the renminbi settlement of cross-border transactions, in order to keep an accurate record of the customs declaration of import and export transactions as well as renmind entry and payment transactions. Article 4 Provincial governments in pilot areas are responsible for coordinating the relevant authorities in their communities to recommend pilot candidates to companies for the settlement of cross-border business transactions. Agencies such as the People`s Bank of China (PBC), the Ministry of Commerce, the General Administration of Customs, the National Tax Administration and the China Banking Regulatory Commission review the candidates and close the list of pilot companies. In the recommendation of a pilot company candidate, it is necessary to verify the identity of the company and its legal representatives, to verify whether the company is registered in its real name and to ensure that it complies with the various provisions governing cross-border transactions by renminbi. In the event that a pilot company violates the relevant rules and regulations, it is sanctioned in accordance with the law and removed from the list of pilot companies. Article 3 These rules apply to the state council`s authorized regulation of cross-border commercial operations in pilot areas. On November 8, 2014, Canada was the first country in the Americas to sign a reciprocal monetary agreement with China, which allows direct activity between the Canadian dollar and the Chinese yuan. [115] In August 2012, China and Taiwan signed a Memorandum of Understanding on a new cross-border exchange rate regime, and in March 2013, China`s China Trust Commercial Bank was the first commercial bank in China to issue RMB securities on the Taiwanese market (Formosa issue). In November, the CWB (Hong Kong) issued a formosa loan after continental banks were eligible.

[10] Article 1 These rules are established in accordance with laws and regulations, including the People`s Republic of China Act on the People`s Bank of China, to facilitate trade to ensure that the renminbi pilot settlement of cross-border transactions is carried out smoothly, in order to regulate the behaviour of pilot companies and commercial banks and to avoid risks arising from the above transaction. 5. In order to comply with more flexible rules and simpler procedures to reasonably avoid exchange controls, companies are not required to open a special account and use only the original RMB settlement account for cross-border transactions. Expanded receipt, down payment, deferred receipt and deferred payment do not require commercial credit registration, are not included in external debt management and do not use the foreign debt quota. Do not include in the management of foreign currency, do not take an index of external debt. The colony is carried out on land with a clear and jet-lag-free standway.