General

First time! Sino European international trade business is settled in RMB! On the 20th, it was learned that the Sino-European International Trading Company affiliated to Sino-European International paid a total of 546600 yuan for the purchase of new products such as Belarusian Sauvignon milk and Russian milk, sunflower seed oil, noodles, flour, etc. This transaction is settled in RMB for the first time. This is a beneficial attempt by Sino European International to enrich settlement methods and promote the internationalization of RMB.

Previously, Sino-European international trade transactions were settled in US dollars or euros. This settlement method requires exchange, and the exchange procedures are relatively cumbersome. In addition, due to factors such as the epidemic situation and the international situation, the exchange rate of US dollars or euros fluctuates greatly, which is extremely prone to exchange rate risk and increases exchange costs.

With the increasing position of the Chinese economy in the global economic development, the proportion of the RMB in the global payment system and global foreign exchange reserves continues to increase, and significant progress has been made in the internationalization of the RMB. In March of last year, the Belarus Foreign Exchange Stock Exchange announced that it would start trading RMB from March 18th.

Seizing the opportunity, Sino-Europe International has taken the initiative to comply with the international trade situation, guiding Sino-Europe International Trade Company to study relevant policies and implement the feasibility of RMB settlement. After maintaining close communication with customers and banks and actively applying, the first RMB settlement was completed. This effectively reduces customer operating costs, improves payment convenience, and provides strong support for the use of RMB for settlement of international trade business in the future.

In recent years, more and more cross-border businesses have adopted RMB settlement. Relevant statistics show that more than 30 countries, including Russia, Iran, the United Arab Emirates, Dubai, India, Singapore, Venezuela, Türkiye, Indonesia and Belarus, have gradually turned to the use of RMB in trade settlement or investment. In December 2022, the RMB ranked third in the global cross-border trade volume, accounting for 3.91%, nearly double the same period in 2021, second only to the US dollar and the euro.