Yuanli Group Became the First Export Enterprise in Lishui to Apply RMB Settlement for Cross-border Transactions

At the end of 2010, 5 export enterprises of Lishui, including Zhejiang Suichang Suigang Metal Products Co., Ltd. and Zhejiang Kan Specialities Material Co., Ltd., were entitled to be the pilot enterprises carrying on RMB settlement in cross-border transactions with the approval of six state ministries and commissions including State Administration of Taxation. Recently, Zhejiang Suichang Suigang Metal Products Co., Ltd., a subordinate enterprise of Yuanli Group, carried out RMB settlement in its export business and became the first export enterprise of Lishui City that applied RMB settlement for cross-border transactions.
The implementation of RMB settlement in cross-border transaction is conducive to the further expansion of trade relations so that a steady growth can be achieved in foreign trade. Meanwhile, it also helps to promote trade and investment facilitation and satisfy enterprises actual need for RMB settlement in cross-border trade. Furthermore, it is beneficial for enterprises to avoid exchange risk effectively, accelerate settlement velocity, lower export cost and boost efficiency in fund use.