A sub-regional cross-border renminbi (RMB) financial services center was launched on Saturday in southwest China’s Yunnan province, in a bid to enhance trade between China and South and Southeast Asia.
The center, located in Ruili city of the Dai-Jingpo autonomous prefecture of Dehong, will focus on facilitating renminbi cross-border settlement and the establishment of service and information systems to serve financial settlements, said Liu Guangxi, director of the financial office with the government of Yunnan.
“Before, our company used to resort to illegal private banks for cross-border settlements, for which both the risk and cost were high,” said Yang Xiangrong, general manager of the Sanlian Mining Co. Ltd. in Ruili.
“The establishment of the center will not only make cross-border settlements safer and easier, but also speed up the process and reduce the cost of the enterprise.”
Bordering Myanmar, Ruili is a port city that has been playing an important role in trade between China and countries in South and Southeast Asia.