The RMB Cross-border Clearing----- trading company Risk will be Lower and Procedures would be simplified(7/6/2009)

People's Bank of China, the Ministry of Finance, the Ministry of Commerce, General Administration of Customs, State Administration of Taxation, China Banking Regulatory Commission jointly announced on July 2nd "RMB clearing pilot cross-border trade management." The industry believes that the RMB settlement of cross-border trade has entered the countdown, exchange rate risk of trading enterprises will be greatly reduced.

What encouraging trading enterprises is that, "Management Measures" clearly states: the use of renminbi-denominated export trade, in accordance with the relevant provisions of the enjoyment of exports of goods back (free) tax policy. Pilot enterprises to the RMB settlement in the process of cross-border trade and export goods declaration back (free), is not required to provide foreign exchange tax write-off single.

The central bank reached an agreement with the Hong Kong Monetary Authority, Means that the RMB in Hong Kong cross-border trade is expected to become the first stop of settlement
Mr Liu, who is the deputy general manager of Shanghai minumetals company, reveal that Shanghai Minmetals has signed with Hong Kong enterprises a number of pre-single RMB clearing business. The Specific rules and methods will be operated as banks and government departments required.

��We look forward to appear the first RMB trade settlement in July��. AIA Shanghai chief representative of the Swiss bank Mr Yu said

(Author Mosaic and Tile, China Leiyuan 7/6/2009)

Previous News:
The Thai ceramic exportation continuing recession(7/5/2009)

Next News:
The Price for Building Material in Saudi Arabia is Skyrocketing; The Exporting Building Material from China is Welcome(7/7/2009)