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RMB trade settlement was finally fully opened.six ministries in
clear all import and export enterprises may participate in after limited pilot enterprises
RMB trade settlement was finally fully opened.According to the People’s Bank of China (PBOC) website news, the six ministries of the central bank, the Ministry of Commerce has recently issued a “notice” (hereinafter referred to as the “Notice”) on exports of goods trade in RMB clearing business management issues related to clear all into The export operation qualification of enterprises can carry out the export of goods trade, the RMB settlement business.
This means that the main body involved in the export of goods trade, the RMB settlement will be extended no longer limited to the enterprises included in the pilot list. However, import and trade in services not release the list.
this, one close to the people of the State Administration of Foreign Exchange, told the Post reporter, in the export downturn moment, the liberalization of export trade in Renminbi, and help exporters reduce the risk of foreign currency fluctuations and exchange costs and promote the growth of exports to a certain extent.
built settlement enterprise “blacklist”
In more than two years after the pilot, the cross-border RMB trade finally substantive push.
can check the information, regulators cross-border trade settlement pilot has been careful to promote. Cross-border trade in RMB clearing pilot to start in July 2009, Shanghai, Guangdong and other places only 365 enterprises participated in the first pilot. In June 2010, the territory of the pilot areas to be expanded to 20 provinces and cities, the pilot businesses in the region can be conducted in RMB settlement of import trade in goods, cross-border trade in services and other current projects, exports of goods trade, the RMB settlement pilot enterprises to expand to 6 more than ten thousand.
although in August 2011, cross-border trade in RMB clearing the territory of geographical range expanded to the whole country, but the pilot enterprises is still limited.With the dateline “notice” of February 3,
release, let go of all import and export enterprises can use RMB settlement limit means that the regulators in real terms. The central bank also mentioned in a press release issued yesterday at the same time, this Chinese enterprise engaged in import and export trade in goods, trade in services, other current projects can be selected for pricing, billing and collection and payment in RMB.
However, it must be raised by regulators release the operational constraints at the same time strengthening the risk control.
“notice” clearly will export goods trade, the RMB settlement enterprise in order to prevent risks, the implementation of key regulatory list management. Focus on regulatory list will be determined based on the last two years corporate behavior. The last two years defrauding export tax rebates, tax evasion, and falsifying or receive VAT invoices; the past two years on suspicion of tax evasion, allegedly fraudulent export tax rebates, allegedly issuing false or suspected to accept VAT invoices by tax authorities and public security other departments for investigation; the past two years, smuggling and other serious violations of the customs supervision; the past two years, a more serious violation of the provisions of the financial management behavior; the past two years, a more serious violation of state foreign trade laws and regulations; the past two years There are other more serious violations and six types of import and export enterprises will enter the blacklist, and included in the list of enterprises to carry out RMB funds obtained by the cross-border trade in RMB clearing business does not allow outside storage.
To this end, the “notice” is particularly clear, municipalities, and regions, and cities with independent planning should be in the notice, a reported list of key regulatory import and export enterprises until the six ministries jointly review and issued a list, has been reported send the list of provinces, municipalities, enterprises in order to carry out RMB settlement business, and every year in January on the blacklist be updated.
“notice” provisions carried out for the promotion of exports of goods trade, the RMB settlement norms for risk prevention, improve regulatory effectiveness and targeted, relevant departments will have the last two years in tax, customs, financial and other more serious The key regulatory violations, to supervise their compliance in accordance with the law to transact business. Dynamic management, the focus of the scope of supervision and is adjusted annually.
intended to boost exports
Also worth particular note is that the “notice” does not relax the trade restrictions on imports, only referred to the needs of enterprises involved in exports of goods trade, the RMB settlement to further expand.Ouyang Booz,
HSBC Bank (China) Co., Ltd., director of trade services, said: “This is China’s manufacturing enterprises and trading enterprises is a good news.”
Societe Generale Bank the chief economist,
Lu political commissar, said: “The current sluggish export situation, the move will also help to stimulate exports.”
previously published data
General Administration of Customs show exports 149.94 billion U.S. dollars in January, down 0.5%, which is the first negative growth since December 2009 (Note: year-on-year increase of 1.2% in November 2009 ).
only expand The six ministries involved in the exports of goods trade, the RMB settlement of the main range, without involving the import, close to the State Administration of Foreign Exchange who explained that, which is based on practical considerations.to participate in the main range of the imported goods trade, the RMB settlement
The source said that the channel is relatively small due to limited degree of internationalization of the RMB, foreign exporters RMB. first liberalize exports more in line with the current stage of the internationalization of the RMB. will also be expanded. “visible, previously approved pilot enterprises import and export trade, service trade can be carried out RMB settlement.
or substantiation of this intent, the State Administration of Foreign Exchange who had also mentioned that the renminbi outside or be regarded as risk assets, such as immediately to encourage large-scale imports, may not be realistic, that is, there are parties to the transaction on the RMB acceptance degree of the problem.
the other hand, to encourage exports will also highlight the liquidity of the renminbi, to clearly inform the parties to the transaction yuan despite the current overseas investment channels are relatively narrow, but at any time can be imported to return to risky assets.
simple words, the yuan to go out, must be outside of precipitation funds, the pilot of the first two years, cross-border RMB overall net outflow of state, such as the RMB deposits in Hong Kong from 2009 more than 500 billion yuan, rising to over 5700 billion in late January of this year, but in the short term, since the fourth quarter of last year, renminbi deposits in Hong Kong in the ring fell. Previously, the central bank proposed to encourage the RMB settlement business of export earnings kept abroad, but also the increase of RMB outside the stock.throughout 2011 cross-border trade in RMB clearing business amount
central bank disclosed earlier data, an increase of 3.1 times, including trade in goods of RMB settlement amount accounted for 6.6% of trade in goods over the same period increased by 4.4 percentage points more than in 2010.
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