According to the latest data from the Qingdao Branch of the People’s Bank of China, the cross-border RMB settlement for 2023 in Qingdao amounted to RMB 550.3 bln, surging 96.8% year-on-year, topping the mark of RMB 500 bln for the first time and representing around 40.5% of the total in Shandong Province. The share of RMB in cross-border settlement has increased by 19 percentage points to 41.2%. Both the volume and the share set new record highs.

Efforts focused on key countries, key fields and key businesses serve as a great contributor to the rapid expansion of cross-border RMB settlement. In 2023, the cross-border RMB settlement between Qingdao and SCO member states has reached RMB 104.16 bln, increasing by 2.3 times year-on-year; the settlement for large-volume commodities has hit RMB 253.27 bln, increasing by 2.1 times year-on-year.  (Fu Jun)