To effectively do a good job, the full implementation of "six steady" the task of "six protect" decision deployment, promote formation in domestic large cycle as the main body, domestic and international binary mutual promotion of the new development pattern, recently, in conjunction with the National Development and Reform Commission, the Ministry of Commerce of the People's Bank of China and so on six departments jointly issued "on further optimization of cross-border renminbi policy support stability stable foreign trade foreign notice, since February 4, 2021.
"Notice" is composed of five parts, including a total of 15 to cover the needs of the real economy to promote higher levels of trade and investment RMB facilitation, further simplify the cross-border renminbi settlement process, optimization of cross-border RMB investment and financing management, convenient people often cross-border yuan under cash RMB bank settlement account, convenient foreign institutions use five aspects, such as content.
The Circular calls for promoting facilitation of trade and investment settlement in RMB at a higher level, focusing on the needs of the real economy, including carrying out nationwide trials of such facilitation and supporting cross-border RMB settlement of new forms of trade.At the same time, according to the commercial system reform, the timely adjustment of business processing and audit requirements.
In terms of further simplify cross-border RMB settlement process, put forward "notice", optimize the cross-border RMB business list of key regulatory mechanism, electronic support documents audit, optimization of multinational enterprise group under the current account cross-border RMB central collection arrangement, across the country to carry out the foreign contracting engineering quality pilot enterprises cross-border RMB settlement business facilitation.
In further optimize cross-border RMB investment and financing management, put forward "notice", relax restriction on part of the capital account RMB income use, convenience in foreign-funded enterprises in China, cancel the foreign direct investment (fdi) in business only door management requirements, optimize the management of overseas RMB loan business of domestic enterprises, simplify the management of the domestic enterprise RMB loan business overseas.
In terms of facilitating individual cross-border RMB receipt and payment under current account, the Circular proposes to support the development of cross-border RMB settlement business under individual current account and facilitate individual RMB bank settlement account to receive remittance of the same name from Hong Kong and Macao.
In addition, the Circular also proposed measures to facilitate the use of RMB bank settlement accounts by overseas institutions, requiring domestic banks to continuously enrich RMB financial products and provide efficient and convenient financial services for market entities to use RMB in foreign economic and trade activities and international cooperation.
The People's Bank of China (PBOC) said it will work with relevant departments to implement the Circular, strengthen business guidance for commercial banks, continue to optimize policies on the cross-border use of the renminbi, and give full play to the role of cross-border renminbi business in serving the real economy and promoting trade and investment facilitation.