CHONGQING (CQNEWS) – On May 18, Yuxinou (Chongqing) the rail logistics (hereafter referred to as "Yuxinou") successfully completed the first cross-border RMB payment with the strong support of the regulatory authorities and the active cooperation of Chongqing Branch of Industrial and Commercial Bank of China. This action effectively helped enterprises avoid exchange rate risks, reduce operating costs and improve payment convenience. At the same time, it would also provide strong support for Yuxinou to cooperate with Chongqing branch of ICBC to promote the use of cross-border RMB settlement to more enterprises.

In April this year, the notice on financial services for epidemic prevention and control, and economic and social development issued by the people's Bank of China and the State Administration of foreign exchange (hereafter referred to as the Notice) mentioned that financial institutions should timely respond to the needs of exchange rate risk of foreign trade enterprises and other market entities and support them to expand RMB cross-border settlement. The relevant person in charge of ICBC Chongqing branch said: “the release of the Notice provides guidance for the success of cross-border RMB payment business. In the future, Chongqing Branch of ICBC will continue to strengthen strategic cooperation with Yuxinou company."

As for the next step plan, the relevant person in charge of Yuxinou said: “under the leadership and guidance of the Chongqing port and logistics office, Yuxinou would continue to actively respond to the 'the Belt and Road' initiative, seize the international market opportunity of cross-border logistics RMB settlement, strengthen bank - enterprise cooperation, increase promotion efforts, improve the convenience of cross-border settlement and reduce the adverse impact of exchange rate fluctuations."

The relevant person in charge of Chongqing port and logistics office said, "next, we will continue to carry out RMB cross-border settlement, explore the feasibility of settlement with relevant countries in various ways, and make every effort to ensure the smooth settlement of payment and freight of China-Europe Railway Express." (Translated by Liu Sha, Fathom Language Limited)