Cross-Border RMB Settlement in SCO Countries Marks a Milestone! SCO Cross-Border RMB Service Center Established and the First RMB Cross-Border Settlement Completed

On January 3, the SCO Cross-Border RMB Service Center was inaugurated at the Enterprise Service Center of the China-SCO Local Economic and Trade Cooperation Comprehensive Service Platform (hereinafter referred to as SCO Comprehensive Service Platform) and the first cross-border RMB settlement was completed. This marks an important milestone for SCODA in building a cross-border RMB settlement system for SCO countries to serve the national strategy.

At present, the SCO Cross-Border RMB Service Center has established cooperation with the Industrial and Commercial Bank, Bank of China and other financial institutions. Among them, the Industrial and Commercial Bank has set up cross-border RMB clearing centers in ten countries and established smooth clearing channels and networks through online cross-border settlement and payment systems.

"ICBC will leverage the SCO Cross-Border RMB Service Center to actively promote the implementation of cross-border RMB policies in countries along the Belt and Road in cross-border trade settlement, clearing and settlement among other fields." said Sun Wei, Vice President of the ICBC Qingdao Branch.

Lin Changhua, Deputy Director of the Administrative Committee of SCODA, said that we need to further carry out cross-border RMB business innovation, help enterprises reduce settlement costs, improve settlement rate, accelerate the construction of the RMB cross-border payment and settlement system, constantly expand the breadth and depth of the cross-border use of RMB, promote the internationalization of RMB, provide comprehensive financial services for economic and trade exchanges among SCO countries and countries along the Belt and Road, and speed up building a new platform for Belt and Road international cooperation.