A branch of the Bank of Communications in the Beijing Pilot Free Trade Zone recently handled an NRA (Non-Resident Account) long-term foreign exchange settlement for a Hong Kong-registered company in the Beijing Economic and Technological Development Area (BDA).

This is another innovation in the BDA after the first NRA spot foreign exchange settlement services were launched last year.

In 2021, new rules were issued that allow banks registered with their business premises in the pilot zone to handle RMB and foreign exchange derivatives transactions for foreign institutions in their foreign exchange NRA accounts.

Since then, the BDA's Bureau of Commerce and Finance, together with local banks, has given several presentations on the new policies to enterprises.