Cross-border renminbi payments exceed 4 trillion yuan in 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 means of transport payment — Shenzhen banks have begun to issue e-CNY wallet cards around checkpoints for Hong Kong visitors, enabling those without mainland bank cards or mobile payment accounts to enjoy digital pay across the border. In 2023, noncash payment transactions made by Hong Kong residents in Shenzhen notched up to over 35 million, with a total amount of 8.58 billion yuan, representing year-on-year increases of 222.45 percent and 70.5 percent, respectively. In total, Hong Kong residents opened about 3 million bank accounts in Shenzhen by the end of last year, with 400,000 of these opened in 2023 alone.

Hong Kong Bank Payment Kong Hong Yuan Shenzhen Accounts Hong Kong Residents  yuan  hong  renminbi  accounts  shenzhen  crossborder  transactions  kong  payment  residents  payments  trillion  bank  exceed

History of this topic

Cross-border e-commerce growing in China
1 month, 2 weeks ago

Cross-border e-commerce growing in China

China Daily  

Having worked as a tech reporter for about a decade, I have witnessed firsthand the rapid growth of China's cross-border e-commerce platforms and how the country's consumers have shown increasing demand for premium imported and foreign-branded products in recent years. According to a report from Chinese e-commerce platform JD's Consumption and Industry Development Research Institute, imported brands, including mobile phones, …

China’s 10-year bond yields drop amid $1.4 billion debt refinancing program, more stimulus awaited
1 month, 2 weeks ago

China’s 10-year bond yields drop amid $1.4 billion debt refinancing program, more stimulus awaited

Live Mint  

Yield for China's benchmark 10-year bonds have slid to their lowest in over a month after the government announced its 10 trillion yuan or $1.4 billion worth debt refinancing programme, Bloomberg reported. China's Debt Refinancing Programme — The Details The announcement was made after the National People’s Congress Standing Committee meeting on November 8, to “underwhelmed” reactions, as per the …

RMB Usage Soars in Cross-Border Trade: Report
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.

US interest rate concerns drive renminbi's ascendancy
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 …

US interest rate concerns drive renminbi's ascendancy
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 …

US interest rate concerns drive renminbi's ascendancy
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 …

More internationalized yuan a growing reality
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 …

Foreign holdings of Chinese bonds see net increase of $20b in July
4 months, 1 week ago

Foreign holdings of Chinese bonds see net increase of $20b in July

China Daily  

BEIJING - The net increase in foreign holdings of domestic bonds stood at $20 billion in July, soaring 1.4 times from the previous month, data from China's State Administration of Foreign Exchange showed Thursday. Foreign investors were still highly motivated to allocate RMB assets as cross-border capital flow improved in July, it said. China's foreign trade also continued to grow …

Shenzhen to issue new offshore bonds in HK
4 months, 2 weeks ago

Shenzhen to issue new offshore bonds in HK

China Daily  

A view of the Victoria Harbor in Hong Kong. The Shenzhen municipal government in Guangdong province will issue offshore renminbi-denominated bonds in Hong Kong for the fourth time since 2021, further bolstering Hong Kong-Shenzhen financial collaboration by encouraging more mainland governments and corporate issuers to tap Hong Kong's fund-raising platform for channelling capital to promote regional development. "The bond issuance …

Renminbi surpasses euro as second-largest trade finance currency in June
4 months, 3 weeks ago

Renminbi surpasses euro as second-largest trade finance currency in June

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. The Chinese renminbi became the second-largest trade finance currency in June, exceeding the euro, while retaining its position as the fourth most active payment currency, according to data compiled by global financial messaging platform Swift. The renminbi's share as a global currency in the trade finance market came …

GBA poised to gain from RMB milestone
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's commercial banks see stable credit asset quality
6 months, 3 weeks ago

China's commercial banks see stable credit asset quality

China Daily  

A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. The non-performing loan balance of the commercial banks reached 3.4 trillion yuan at the end of March 2024, 141.4 billion yuan more than that at the end of December 2023, data from the National Financial Regulatory Administration revealed. The data confirmed that the country's commercial banks had …

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

Chinese currency moves closer to fuller usage, internationalization
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 …

Govt policies to aid banking sector, BOC says
8 months, 3 weeks ago

Govt policies to aid banking sector, BOC says

China Daily  

A view of the booth of Bank of China during an expo in Fuzhou, Fujian province. CHEN BIN/FOR CHINA DAILY The central government's supportive policies are expected to gradually improve business sentiment, boosting domestic demand and laying a solid foundation for the steady development of the banking industry, Bank of China said. The bank's operating income reached 624.14 billion yuan …

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

Cross-border renminbi payments exceed 4 trillion yuan in 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 …

上半年人民币贷款增加15.73万亿元
1 year, 5 months ago

上半年人民币贷款增加15.73万亿元

China Daily  

中国人民银行发布的最新数据显示，今年上半年，我国人民币贷款增加15.73万亿元，同比多增2.02万亿元。 File photo shows a bank staff member counts 100-yuan banknotes at the Beijing Branch of the Bank of Communication in Beijing, capital of China. China's yuan-denominated loans rose by 15.73 trillion yuan in the first half of the year, central bank data showed Tuesday. 上半年净投放现金789亿元。 Total new social financing in the first half of the year amounted to 21.55 …

RMB usage in ASEAN countries continues to grow
2 years, 3 months ago

RMB usage in ASEAN countries continues to grow

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The cross-border use of the Chinese currency renminbi in the Association of Southeast Asian Nations has maintained growth momentum, with increasing recognition in ASEAN countries, a recent report showed. China-ASEAN cross-border RMB settlement volume has surged nearly 20-fold in a decade, Financial News said quoting …

Guangxi cross-border RMB settlements reach 1.5t yuan
2 years, 4 months ago

Guangxi cross-border RMB settlements reach 1.5t yuan

China Daily  

As of June this year, the total amount of cross-border RMB settlements in Guangxi was 1.5 trillion yuan, ranking first among nine border provincial-level regions and 12 western provincial-level regions. In the first half of 2022, Guangxi's original insurance premium income was 51.4 billion yuan, a year-on-year increase of 4.76 percent, while its cross-border RMB settlement volume was 118.74 billion …

China moots yuan pooling scheme to counter U.S. dollar dominance
2 years, 5 months ago

China moots yuan pooling scheme to counter U.S. dollar dominance

The Hindu  

China’s central bank has signed an agreement with Switzerland based Bank for International Settlements as part of Beijing’s plans to establish a yuan pooling scheme starting with Indonesia, Malaysia, Hong Kong, Singapore and Chile to counter the dominance of the U.S. dollar. The arrangement aims to provide liquidity support for participating central banks during future periods of market volatility by …

每日新闻播报（April 14）
2 years, 8 months ago

每日新闻播报（April 14）

China Daily  

>China accelerates issuance of local-gov't special bonds 今年地方政府专项债券发行进度明显快于往年 The issuance of local-government special bonds in China has progressed much faster and is more advanced this year than in previous years. 截至2022年3月末，各省份基本都已组织开展了提前下达额度的发行工作，累计发行约1.25万亿元，占提前下达额度的86%。 According to this year's government work report, China plans to issue a total of 3.65 trillion yuan in special-purpose bonds for local governments in 2022. China's foreign trade in …

一周双语新闻热词汇总（3.5-11）
2 years, 9 months ago

一周双语新闻热词汇总（3.5-11）

China Daily  

政府工作报告 government work report 3月5日上午9时，第十三届全国人民代表大会第五次会议在人民大会堂举行开幕会。国务院总理李克强代表国务院作政府工作报告。双语要点如下： 一、去年工作回顾 国内生产总值达到114万亿元，增长8.1% China’s gross domestic product reached 114 trillion yuan, growing 8.1 percent. 最高检工作报告 work report of the Supreme People's Procuratorate China steps up efforts to nurture law-based business environment 着力营造法治化营商环境 Last year, they prosecuted 134,000 people on charges of disrupting the order of the market economy in 2021, as part of the country's effort …

New yuan loans rise in Yangtze River Delta in November
2 years, 11 months ago

New yuan loans rise in Yangtze River Delta in November

China Daily  

Xinhua| Updated :2022-01-04 New yuan loans in the Yangtze River Delta region stood at 439.7 billion yuan in November. SHANGHAI -- New yuan loans in the Yangtze River Delta region stood at 439.7 billion yuan in November, 94.1 billion yuan more than the same period last year. The balance of loans in the region stood at 49.65 trillion yuan at …

Zhejiang releases Jan-Nov economic data
2 years, 11 months ago

Zhejiang releases Jan-Nov economic data

China Daily  

ezhejiang.gov.cn| Updated :2021-12-28 An employee at Lin'an Rural Commercial Bank counts banknotes at the bank's branch in the Xitianmu area of Hangzhou, Zhejiang province. The industrial value-added for the province's above-designated-sized companies rose by 14 percent year on year, while the industrial value-added for those in the digital economy sector, equipment industry, strategic emerging industries, and high-tech industries grew by …

Tai'an economy sees steady growth in Jan-July
3 years, 3 months ago

Tai'an economy sees steady growth in Jan-July

China Daily  

A view of Tai'an, Shandong province Tai'an, East China's Shandong province saw steady economic growth from January to July this year, announced the city's statistics bureau. Retail sales of entities above designated scale reached 13.99 billion yuan, up 20.0 percent year-on-year. Revenue of the city's 285 service enterprises above designated scale reached 11.84 billion yuan, up 19.2 percent year-on-year. The …

Economic recovery, firming renminbi fuel cash inflow
3 years, 10 months ago

Economic recovery, firming renminbi fuel cash inflow

China Daily  

A staff member wearing a face mask arranges stacks of Chinese yuan banknotes at a bank in Nantong, East China's Jiangsu province, on Jan 30, 2020. Overseas investors held a total of 3.06 trillion yuan of Chinese bonds in January, surging 62.09 percent from the same period last year, said China Central Depository Clearing Co Ltd. Growing appetite since 2020 …

PBOC to promote further cross-border use of RMB
4 years, 4 months ago

PBOC to promote further cross-border use of RMB

China Daily  

A staff member counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. China will further facilitate cross-border use of the renminbi by promoting pilot programs to boost trade and investment, making it possible for more foreign central banks and monetary authorities to hold the currency as a reserve asset, according to a report from the nation's …

China to promote further cross-border use of RMB
4 years, 4 months ago

China to promote further cross-border use of RMB

China Daily  

China will further facilitate cross-border use of the renminbi to promote pilot programs to boost trade and investment, making it possible for more foreign central banks and monetary authorities to hold the currency as a reserve asset, according to a report from the nation's central bank. Cross-border use of the RMB has sustained rapid progress and maintained robust growth this …

Currency and currency exchange
4 years, 5 months ago

Currency and currency exchange

China Daily  

Renminbi is the circulating currency in China with yuan being its monetary unit. The currency has various values of 1 jiao, 5 jiao, 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan, and 100 yuan. All banks in Tianjin accept China UnionPay, which is a bankcard association approved by The People's Bank of China and founded by more than …

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