Guizhou's cross-border RMB settlement hits record high in 2022

In 2022, the cross-border renminbi settlement of Southwest China's Guizhou province reached 28.69 billion yuan ($4.19 billion), which shows an increase of 44.3 percent year-on-year, according to Guiyang Central Sub-branch of the People's Bank of China.

Last year, the sub-branch cooperated with relevant government departments and implemented 18 measures to promote the utilization of RMB in Guizhou's real economy.

In 2022, Guizhou's RMB settlement for goods and trade was 5.31 billion yuan, with a year-on-year increase of 349 percent. This is the fastest growth rate among all channels of cross-border RMB settlement.

The RMB settlement of Guizhou's direct investment was 8.7 billion yuan in 2022, which was an increase of 89.8 percent, and accounted for 68.6 percent of the direct investment from both local and foreign currencies, making the RMB the largest currency for direct domestic and foreign investment.

The cross-border finance RMB of Guizhou reached 12.24 billion yuan in 2022, accounting for 42.7 percent of the total cross-border RMB settlement. It met the financing needs of Guizhou's companies in fluid capital, overseas project construction and international cooperation.

Currently, all nine cities and prefectures in Guizhou have begun cross-border RMB settlement transactions, and 30 counties have opened cross-border RMB settlement functions, which increased by 12 when compared with 2021 figures.

In 2022, Guizhou had cross-border RMB transactions with 59 countries and regions, which increased by 8 year-on-year.