In 2020, Suzhou Area of Jiangsu Free Trade Zone will take the lead in carrying out four cross-border RMB business innovation policies. This is another pilot in Suzhou's cross-border RMB innovation business, further exploring the new path of RMB internationalization and opening up new channels for cross-border financing and settlement. By the end of December 2020, it has handled 154 million yuan of cross-border financing and 14.682 billion yuan of cross-border settlement.
The four cross-border RMB innovation policies launched by Suzhou Central Branch of the People's Bank of China last year, mainly including “cross-border RMB loans for overseas projects of banks in the zone”, “cross-border RMB financing for overseas enterprises by banks in the zone”, “cross-border RMB financing for overseas banking institutions by banks in the zone” and “Integrated Financial Services Program of supporting enterprises and banks to carry out cross-border RMB financing”. These innovative policies will help ease the financial pressure of foreign-related transaction chain, broaden the financing channels of overseas enterprises in China, help foreign trade enterprises consolidate overseas orders, support the continuous expansion of overseas markets, connect the domestic industrial and supply chain to overseas financing and settlement chain, efficiently creating comprehensive financial services, and effectively enhancing the ability to serve the tangible economy.
