Cross-Straits RMB settlement hits 52b yuan in Xiamen
Since the launch of a pilot project in June 2010, the gross cross-strait RMB settlement business of Xiamen had surpassed 50 billion yuan ($8 billion) by the end of June 2014, reaching up to 52.4 billion yuan, said the Xiamen Municipal Bureau of Commerce on July 23.
It accounts for a quarter of cross-border RMB business of Xiamen, four fifths of cross-Straits RMB settlement business for the whole province and one thirteenth of cross-Strait RMB settlement business throughout the country.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.