Greater Bay Area Processes over $2 Trillion in Cross-border Renminbi Settlement
Official data indicates that the Greater Bay Area of Guangdong province, Hong Kong and Macau continues to account for a disproportionate volume of China’s total cross-border renminbi settlement.
Figures from the Guangzhou branch of the Chinese central bank indicate that as of the end of March 2020 the Greater Bay Area had seen the processing of 14.82 trillion yuan (approx. USD$2.09 trillion) in cross-border renminbi settlement operations, accounting for over a quarter of the national total.
Guangdong province is already host to around 98,000 enterprises that have handled cross-border renminbi settlement operations, while the number of banking sector financial institutions that participate in Greater Bay Area cross-border renminbi settlement has risen to 3706 in total.
Over the past five years Guangdong province alone has undertaken 12 cross-border investment and financing trials. As of 20 May 681 enterprises in the Greater Bay Area had undertaken 1140 foreign debt cancellation registration operations with banks, for a sum worth of USD$24.4 billion.