Northwest China’s Xinjiang Uygur Autonomous Region saw a record amount of cross border RMB settlement at 22 billion yuan (3.2 billion U.S. dollars) in the first half of 2019, according to the Urumqi branch of the People’s Bank of China.
The amount represents an increase of 30.7 percent over the same period last year. In terms of trade in goods, cross border RMB settlement surged 128 percent, with rising contributions from private companies, data from the bank showed.
The statistics showed the number of companies involved in cross-border RMB business increased by 113 from the beginning of the year.
The bank noted progress in supporting the real economy through RMB cross-border financing, which has played an important role in fields ranging from local infrastructure investment to agricultural production.
The Chinese yuan has become more important in the construction of the Belt & Road. By the end of June, Xinjiang had carried out cross border RMB business of 25.4 billion yuan with 41 countries along the Belt & Road.
In 2018, imports and exports between Xinjiang and 36 countries along the Belt and Road increased by 13.5 percent year on year to about 291.5 billion yuan.