Beibu Gulf boosts cross-border transactions, RMB settlements

2 weeks, 4 days ago

Guangxi eyes becoming a Digital Silk Road hub for ASEAN cooperation

South China's Guangxi Zhuang autonomous region will promote the construction of the China-ASEAN information port while positioning itself as a key hub on the Digital Silk Road and bolstering cooperation with ASEAN countries to fuel the high-quality growth of the digital economy, officials said on Friday. These sectors now contribute 11.79 percent to the region's GDP growth, according to Zhao …

China Guangxi Asean Road Hub

2 weeks, 4 days ago

Guangxi eyes becoming a Digital Silk Road hub for ASEAN cooperation

China Daily

South China's Guangxi Zhuang autonomous region will promote the construction of the China-ASEAN information port while positioning itself as a key hub on the Digital Silk Road and bolstering cooperation with ASEAN countries to fuel the high-quality growth of the digital economy, officials said on Friday. These sectors now contribute 11.79 percent to the region's GDP growth, according to Zhao …

China Asean Road Hub Flow Guangxi

IATA to allow digital RMB in settlement system

China Daily

China is an extremely important market for the International Air Transport Association, and the IATA will continue to strengthen its presence in the Chinese and North Asian markets, a senior official of the association said in Beijing this week. The association said it would offer digital currencies in the settlement system that it operates for the aviation industry, and the …

China Airlines Digital Chinese Beijing Iata North Asia

IATA to allow digital RMB in settlement system

China Daily

By ZHU WENQIAN | China Daily | Updated: 2024-11-21 09:55 China is an extremely important market for the International Air Transport Association, and the IATA will continue to strengthen its presence in the Chinese and North Asian markets, a senior official of the association said in Beijing this week. The association said it would offer digital currencies in the settlement …

China Airlines Beijing Iata Digital Rmb North Asia Careen

IATA to allow digital RMB in settlement system

China Daily

China is an extremely important market for the International Air Transport Association, and the IATA will continue to strengthen its presence in the Chinese and North Asian markets, a senior official of the association said in Beijing this week. The association said it would offer digital currencies in the settlement system that it operates for the aviation industry, and the …

Airlines Digital Chinese Beijing Iata North Asia System China

1 month ago

The idea of a Brics currency is looking like a charade

Live Mint

Last month’s Brics summit in Kazan, Russia, was, like all summits, heavy on photo ops. And it yielded a second act that was similarly heavier on symbolism than substance: the release of a report by the Russian finance ministry and central bank on “improvement of the international monetary and financial system," by which Russian officials obviously meant “finding an alternative …

India Russia Gold Currency Brics Chinese Russian

1 month, 1 week ago

Ningbo Maritime Court issues landmark report on cross-border e-commerce disputes

China Daily

The Ningbo Maritime Court in Zhejiang province released a Chinese-English report on Tuesday detailing its recent handling of cross-border e-commerce logistics disputes, marking the first such report by a maritime court in China. The report highlights the court's commitment to supporting high-quality cross-border e-commerce and modern logistics through legal oversight. According to the report, cases handled by the court involving …

Court Report

1 month, 2 weeks ago

Ningbo unveils plan to become global cross-border e-commerce hub

China Daily

Ningbo has recently rolled out an ambitious plan to transform itself into an international hub city for cross-border e-commerce under the motto "Buy Global, Sell Global" by 2027. The comprehensive plan outlines ambitious targets set by Ningbo for the expansion of cross-border e-commerce: By the end of this year, the city aims to achieve a cross-border e-commerce export volume of …

Unveils Plan Ningbo Unveils Ningbo Unveils Plan

1 month, 2 weeks ago

Seven years of strong support for CIIE by financial heavyweight

China Daily

A huge Bank of China poster decorates the entrance of the National Exhibition and Convention Center, the venue for the China International Import Expo. As the seventh China International Import Expo opens in Shanghai on Tuesday, Bank of China, which has been cooperating with the CIIE as its strategic partner for seven consecutive years, is once again primed to leverage …

Support International Financial Service Shanghai Cards Foreign

1 month, 3 weeks ago

East Wind Ushers in a New Era for Renminbi Internationalization

China Daily

The article highlights the importance of accelerating renminbi internationalization, both in the short and long term. High-level financial opening-up and flourishing offshore renminbi markets provide a solid foundation for the currency's steady ascent on the global stage. The continuous opening-up of China's financial markets and the increased convenience of renminbi cross-border use have facilitated the transformation of the renminbi from …

Law Technology Finance International Relations Nantong

1 month, 3 weeks ago

East Wind Signals a New Chapter for Renminbi Internationalization

China Daily

The article highlights the importance of accelerating renminbi internationalization, both in the short and long term. High-level financial opening-up and flourishing offshore renminbi markets provide a solid foundation for the currency's steady ascent on the global stage. The continuous opening-up of China's financial markets and the increased convenience of renminbi cross-border use have facilitated the transformation of the renminbi from …

Law Technology Finance International Relations Nantong

1 month, 3 weeks ago

Web3: A Paradigm Shift in Global Finance

Hindustan Times

Web3 is poised to revolutionise global finance, with the potential to create a highly efficient global financial system beyond the speculative trading of digital assets. The convergence of fiat currencies and crypto on established blockchains such as Solana will be a key milestone in this transformation. The crypto-economy gamifies the development of Web3, rewarding users for their time and effort. …

Law Technology Finance Web3

1 month, 4 weeks ago

Platform mBridge: Connecting Global Economies Through CBDCs, Aims to Bridge Payment Gaps

China Daily

Project mBridge is a platform for experimenting with central bank digital currencies (CBDCs) that aims to improve the efficiency and inclusiveness of global monetary and payment systems. The platform focuses on small-value transactions under the current account that have been underserved by banks, aiming at facilitating cross-border trade and investment, especially among Asia's emerging economies.

Technology Finance Global Payments Beijing

2 months ago

mBridge: A Gateway to Seamless Cross-Border Payments

China Daily

Project mBridge is an open platform for collaboration and cooperation between traditional and digital payment infrastructure providers. It can connect with various existing payment systems, including large-value, small-value, and rapid payment systems, as well as existing international payment infrastructures. The project aims to tackle inefficiencies in cross-border payments, including high costs, low speed, and operational complexities while addressing financial inclusion …

Technology Finance Payments International Trade

2 months, 1 week ago

RMB Usage Soars in Cross-Border Trade: Report

China Daily

The People's Bank of China's report shows that cross-border RMB use has increased significantly in the first eight months of 2024, with a significant portion of these payments and receipts occurring in trade in goods and services. The report also highlights the growing role of RMB in investment and financing, with foreign investors holding a substantial amount of Chinese bonds.

Finance Trade Economics Currency Linyi

3 months ago

Yantai Port achieves new breakthrough in overseas business

China Daily

Yantai Port, a subsidiary corporation of Shandong Port Group, recently joined with Sinotruck to establish an overseas warehouse in Guinea. The launch of the overseas warehouse in Guinea is expected to further strengthen the China-Africa auto parts supply chain bridge and support the practical measures of China's manufacturing industry in Africa, providing strong momentum for the high-quality development of the …

China Africa Port Guinea Yantai Port

3 months ago

E-commerce enterprises punching above weight

China Daily

Livestreaming hosts promote sales at the 2023 China International Fair for Trade in Services in Beijing. The ongoing cross-border e-commerce surge in China is unlocking fresh growth opportunities for foreign trade, experts and executives said recently. They said there was a notable uptick in Customs-registered cross-border e-commerce enterprises from Chinese companies and a rise in funding, underscoring a dynamic landscape …

China Markets Trade Local Chinese Overseas Markets

3 months, 1 week ago

Cross-border e-commerce shows solid uptrend

China Daily

Shoppers browse Shein's wedding pop-up and retail shop at Fashion Show Las Vegas in the United States in March. "Chinese consumers have shown rising purchasing demand for diversified, personalized and niche overseas products, and are attaching more importance to the value of the goods they buy," said Zhang Zhouping, a senior analyst who tracks business-to-business and cross-border activities at the …

Shopping China Supply Online Online Shopping Consumption Chinese

3 months, 1 week ago

Cross-border e-commerce shows solid uptrend

China Daily

Shoppers browse Shein's wedding pop-up and retail shop at Fashion Show Las Vegas in the United States in March. "Chinese consumers have shown rising purchasing demand for diversified, personalized and niche overseas products, and are attaching more importance to the value of the goods they buy," said Zhang Zhouping, a senior analyst who tracks business-to-business and cross-border activities at the …

Shopping China Supply Products Online Online Shopping Consumption

3 months, 3 weeks ago

US interest rate concerns drive renminbi's ascendancy

China Daily

Over recent months, a seemingly surprising trend has emerged on the global financial landscape — foreign investors are flocking to Chinese renminbi bonds, even as US bonds boast higher yields. These factors, they said, will continue to help the renminbi's ascent as an international currency, strengthening its reserve, payment, financing and pricing functions, and offering a win-win for the global …

International China Financial Currency Chinese Shanghai Central

3 months, 3 weeks ago

US interest rate concerns drive renminbi's ascendancy

China Daily

Over recent months, a seemingly surprising trend has emerged on the global financial landscape — foreign investors are flocking to Chinese renminbi bonds, even as US bonds boast higher yields. These factors, they said, will continue to help the renminbi's ascent as an international currency, strengthening its reserve, payment, financing and pricing functions, and offering a win-win for the global …

Global International China Financial Shanghai Central Zhang

3 months, 3 weeks ago

US interest rate concerns drive renminbi's ascendancy

China Daily

By Zhou Lanxu and Liu Zizheng | China Daily | Updated: 2024-08-29 07:01 Over recent months, a seemingly surprising trend has emerged on the global financial landscape — foreign investors are flocking to Chinese renminbi bonds, even as US bonds boast higher yields. The allure of renminbi-denominated assets has been underpinned by a global shift away from over-reliance on the …

International China Financial Shanghai Central Zhang Foreign

4 months ago

More internationalized yuan a growing reality

China Daily

While the renminbi's internationalization has been advancing steadily amid the completion of related institutional arrangements and rising international investor interest in yuan-based assets, continued efforts can be made to facilitate the development of the offshore RMB market so that the currency can play an even bigger role globally, said experts. While global geopolitical relations are undergoing profound changes and the …

Global Market Currency Chinese Central Offshore Rmb Internationalized Yuan

4 months, 1 week ago

Gateway to opportunities

China Daily

WANG XIAOYING/CHINA DAILY In recent decades, China has sought to strengthen its relationships with the Association of Southeast Asian Nations region through investments, trade and free trade agreements. China's commitment to revitalizing the BIMP-EAGA dates back to the ninth ASEAN Summit in 2003.In 2009, China formalized its role as a "strategic development partner" by signing a Framework of Cooperation with …

Global China Trade Development Economic China Daily Bri

4 months, 1 week ago

Gateway to opportunities

China Daily

WANG XIAOYING/CHINA DAILY In recent decades, China has sought to strengthen its relationships with the Association of Southeast Asian Nations region through investments, trade and free trade agreements. China's commitment to revitalizing the BIMP-EAGA dates back to the ninth ASEAN Summit in 2003.In 2009, China formalized its role as a "strategic development partner" by signing a Framework of Cooperation with …

Global China Trade Economic Development China Daily Bri Malaysia

4 months, 2 weeks ago

Hong Kong beefs up status as financial hub

China Daily

Business leaders, lawmakers and academics in Hong Kong have thrown their weight behind the city's bid to seize opportunities arising from offshore yuan financing, Belt and Road fund-raising, financial technology applications and the "finance-plus-technology "development model to strengthen its status as a world financial hub. "Hong Kong can use the resources, financing channels and financial infrastructure experience of being an …

Finance Hong Kong Financial Markets City Chinese Mainland Kong

4 months, 2 weeks ago

Hong Kong beefs up status as financial hub

China Daily

Business leaders, lawmakers and academics in Hong Kong have thrown their weight behind the city's bid to seize opportunities arising from offshore yuan financing, Belt and Road fund-raising, financial technology applications and the "finance-plus-technology "development model to strengthen its status as a world financial hub. "Hong Kong can use the resources, financing channels and financial infrastructure experience of being an …

Finance Hong Kong City Chinese Mainland Kong Hong

4 months, 3 weeks ago

China aims to expand FTAs

China Daily

Containerships seen at the port of Haikou, Hainan province. SU BIKUN/FOR CHINA DAILY China is poised to expand its high-standard free trade zone network, with a focus on accelerating its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and advancing negotiations with multiple countries, the Ministry of Commerce said on Friday. Building on the foundation of previous exchanges …

China Trade Expand Ftas

5 months ago

Qingdao FTZ launches International Environmental Materials Supply Chain Platform

China Daily

The investment promotion conference for the Qingdao Area of the China Pilot Free Trade Zone International Environmental Materials Supply Chain Platform was held on July 9. At the conference, the Qingdao FTZ International Environmental Materials Supply Chain Platform was officially launched. The platform aims to effectively integrate domestic and international industrial and financial resources, positioning the Qingdao FTZ to become …

International China Platform Qingdao Ftz Qingdao Ftz International Environmental Materials Supply Chain Platform

5 months, 1 week ago

Provincial-level regions urged to do more to attract overseas money

China Daily

Skyscrapers border a lush green landscape in Shenzhen's central business district. Major provincial-level regions that serve as magnets for foreign investment across China should remain open to innovative ideas and models that stay ahead of the curve and adapt to changing global dynamics and emerging economic trends to better attract foreign capital, officials and experts said. The provincial-level regions need …

China Trade Investment Regions Foreign Investment Free Trade Zones Xiao

5 months, 3 weeks ago

India, Iran may restart rail connectivity project between Chabahar and Zahedan

Live Mint

India and Iran plan to fastrack the development of a new rail connectivity route between the Chabahar port and Zahedan city to leverage the strategically located Iranian port as the gateway to the International North–South Transport Corridor, two officials aware of the development said. The INSTC project aims to provide the main trade channel for Central Asian and Eurasian countries …

India Trade Development Connectivity Indian Cargo Iran

5 months, 4 weeks ago

Qingdao FTZ pioneers digital RMB in cross-border payments

China Daily

Recently, Qingdao Port International Logistics Co. in the Qingdao Area of the China Pilot Free Trade Zone completed the first transaction using multilateral central bank digital currency bridge for digital RMB settlement, marking a significant milestone in cross-border payments for digital RMB. To enhance payment security and diversify payment channels, Bank of Communications Qingdao Branch employs multilateral central bank digital …

Digital Payment Qingdao Qingdao Ftz Digital Rmb Rmb

6 months ago

Tai'an bolsters efforts to boost foreign trade growth of exporters

China Daily

Tai'an is implementing a new phase of foreign trade enhancement, focusing on policies, markets, and services to guide companies towards new international opportunities and sustain foreign trade growth, local media reported. This year, Tai'an has introduced several policies, including measures to "maintain the foreign trade scale and optimize its structure" and a 2024 plan to explore key overseas markets. These …

Trade This Year Foreign

6 months, 1 week ago

Qingdao FTZ to facilitate cross-border e-commerce in Yellow River Basin

China Daily

The Qingdao Area of the China Pilot Free Trade Zone, known as Qingdao FTZ, serves as a national e-commerce demonstration base and Shandong's cross-border e-commerce zone. Leveraging its port and connectivity advantages, the zone collaborates with Huangdao Customs, platform enterprises, and others to promote cross-border e-commerce development in the Yellow River Basin. The zone's fully implemented customs clearance services for …

Port Customs Clearance Qingdao Yellow River Basin Qingdao Ftz Qingdao Port

6 months, 1 week ago

GBA poised to gain from RMB milestone

China Daily

This aerial photo shows the Hong Kong-Zhuhai-Macao Bridge in South China. Cross-border renminbi transactions in South China's Guangdong province reached a record high of 7.39 trillion yuan in 2023, up 25.1 percent from the previous year, according to data from the provincial government. Central to this effort has been the enhancement of financial market connectivity, which emphasizes expanding cross-border investment …

China Financial Hong Kong Zhang Gba Guangdong Macao

6 months, 2 weeks ago

Saudis join intl digital currency project

China Daily

This undated file photo shows an exterior view of the People's Bank of China in Beijing, capital of China. Saudi Arabia has joined Project mBridge — a cross-border platform for experimenting with central bank digital currencies for international trade — as a full participant, which experts said will add resilience to global trade by facilitating renminbi settlement for bulk commodities …

Global International China Trade Settlement Bank Global Trade

6 months, 2 weeks ago

Saudi Central Bank joins mBridge for better cross-border payments

China Daily

This undated file photo shows an exterior view of the People's Bank of China in Beijing, capital of China. Saudi Arabia has joined mBrideg - a central bank digital currency initiative for international trade - as a full participant, which experts said may set the stage for wider local currency payments for oil trade between China and Saudi Arabia. Aiming …

China Bank Saudi Arabia Project Saudi Central Mvp

6 months, 3 weeks ago

Milestone of CCB shows growing role of RMB

China Daily

China Construction Bank's London branch saw its cumulative clearing value top 100 trillion yuan by May 22, 2024. Their comments were made when China Construction Bank's London branch saw its cumulative clearing value top 100 trillion yuan by May 22, sustaining its position as the largest offshore RMB clearing bank outside Asia for the eighth consecutive year. According to Yang …

London China Market Financial Currency Chinese Value

6 months, 3 weeks ago

Fast forward on the path to digital RMB in globalized and networked era

China Daily

A staff member demonstrates the payment with China's digital yuan, or the e-CNY, during the first Global Digital Trade Expo in Hangzhou, East China's Zhejiang province, Dec 12, 2022. The issuance and circulation of digital currencies, especially sovereign digital currencies authorized by central banks, will profoundly change the existing international monetary, clearing and settlement, and financial systems. As a digital …

China Era Currencies Digital Currencies Digital Renminbi

6 months, 3 weeks ago

Chinese currency moves closer to fuller usage, internationalization

China Daily

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The renminbi has further emerged as an international currency, with widespread usage of the currency seen in cross-border trade settlements, yet the process still faces prominent challenges of trading partners' reluctance to accept the Chinese currency and policy complexity, a think tank said in a …

International Financial Bank Internationalization Report Renminbi Chinese Currency

8 months, 2 weeks ago

Tai'an wins policy support in foreign trade

China Daily

Tai'an in East China's Shandong province has been selected for the second consecutive year as one of the five cities in the province to receive policy incentives to boost foreign trade. In 2023, Tai'an made significant strides in promoting the stable and innovative development of foreign trade. As part of efforts to bolster foreign trade, Tai'an has implemented a series …

Trade Foreign Trade Wins Policy

8 months, 4 weeks ago

Hard and soft connections

China Daily

SONG CHEN/CHINA DAILY China should continue to develop cross-border economic corridors, advance the institutional development of the BRI and improve the all-around support systems Over the past decade, China's economic growth pattern has changed profoundly, from pursuing sheer quantity to balancing quantity and quality. To deliver on this goal, building cross-border economic corridors and the Belt and Road Initiative cooperation …

China Trade Investment Economic Cooperation Risk China Daily

9 months, 2 weeks ago

Economic Overview

China Daily

Location advantage Located in the mountainous terrains in the far south of China, Guangxi Zhuang autonomous region connects Guangdong province in the east, neighbors Beibu Gulf in the south and faces Hainan province across the sea. The autonomous region is a long-term host of the China-ASEAN Expo, and conferences such as the Pan-Beibu Gulf Economic Cooperation Forum are often held, …

China Development Region Guangxi Beibu Gulf Economic Zone Guangxi Zhuang Autonomous Region

10 months, 2 weeks ago

De-weaponizing the dollar

China Daily

BRICS is spearheading a new cross-border payment system using digital currencies to break away from Western dominance WANG XIAOYING/CHINA DAILY The United Arab Emirates and China completed the first cross-border payment using the digital dirham on Jan 30. The fact that the most advanced technology for using digital currencies has been created in developing countries illustrates that countries in the …

Global China Financial Digital Brics Countries China Daily

10 months, 2 weeks ago

China's Hainan sees cross-border RMB use exceed 300b yuan

China Daily

HAIKOU - South China's Hainan province recorded 326.8 billion yuan of renminbi cross-border settlement in 2023, representing a massive 122.9 percent year-on-year increase, said local authorities on Wednesday. It marked the first time the province had seen its cross-border RMB use account for over a half of its total cross-border settlement in both domestic and foreign currencies, according to Huang …

China Hainan Rmb

11 months ago

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen

China Daily

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing, China. Renminbi transactions between Shenzhen and Hong Kong surged more than one-third on a yearly basis to 3.5 trillion yuan, accounting for about 58.3 percent of the total cross-border currency transactions between the two cities. In cooperation with Octopus Cards Ltd — Hong Kong's major …

Hong Kong Bank Payment Kong Hong Yuan Shenzhen

11 months ago

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen

China Daily

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing, China. Renminbi transactions between Shenzhen and Hong Kong surged more than one-third on a yearly basis to 3.5 trillion yuan, accounting for about 58.3 percent of the total cross-border currency transactions between the two cities. In cooperation with Octopus Cards Ltd — Hong Kong's major …

Hong Kong Bank Payment Kong Hong Yuan Shenzhen

11 months, 1 week ago

Shandong Port Ship Transaction Platform completes 1st online cross-border transaction of ships

China Daily

Shandong Port Ship Transaction Platform publicly auctioned a 66-meter boat belonging to a State-owned enterprise in Qingdao, a coastal city in China's Shandong province, on Jan 11. The 66-meter boat belonging to a State-owned enterprise in Qingdao is the first ship auctioned off to an overseas buyer on the Shandong Port Ship Transaction Platform. The sale of the boat is …

Port Platform Ship Shandong Transaction

Beibu Gulf boosts cross-border transactions, RMB settlements

History of this topic

Qingdao International Energy Exchange launches cross-border RMB transaction settlement services

Qingdao International Energy Exchange launches cross-border RMB transaction settlement services

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