The cumulative amount of cross-border renminbi settlement in southwest China’s Yunnan Province has reached 502.1 billion yuan (about 71 billion U.S. dollars) since 2010, according to a local branch of the central bank.
The figure showed renminbi’s growing influence in China’s neighbouring countries, said Li Zezhi, an official with the Kunming branch of the People’s Bank of China.
By the end of September, Yunnan had established cross-border renminbi business with 92 countries and regions, 36 of which were along the Belt & Road.
“Since 2014, the renminbi has become Yunnan’s largest cross-border settlement currency with ASEAN countries, with Myanmar, Vietnam and Singapore topping market shares,” Li said.
The province’s cross-border renminbi income was mainly from exporting commodities to neighbouring countries, while its expenditure was mainly due to overseas loans and outbound investment.