Aimed at expanding the cross-border use of RMB and underpinned by the SCO International Capital Port, the SCO Demonstration Area is working hard to build a cross-border settlement center that is geared to the needs of SCO member states by setting up a cross-border RMB service platform, diversifying scenarios where local currencies can be directly converted, and launching new cross-border financial services. As an important platform, the SCO cross-border RMB service center has wrapped up a total of RMB 144 bln worth of cross-border RMB settlement.

To facilitate cross-border settlement for both enterprises and individuals, the SCO Demonstration Area has initiated the launching of the SCO International Capital Port Monetary Exchange Alliance, which is designed to facilitate efforts of Industrial and Commercial Bank of China, the Agricultural Bank of China, China Construction Bank and Bank of Qingdao to engage in direct transactions between RMB and currencies of SCO member states like Kazakhstan Tenge (KZT). Up to now, the alliance has realized direct swaps of a cumulative total of KZT 13.456 mln, AED 142 mln and Rial 77.056 mln for RMB.

 (Wang Meng, Wang Shan)

The multimodal transport center in the SCO Demonstration Area.