1st cross-border RMB account in Central Asia established in Shaanxi

The Shaanxi Branch of Bank of China successfully opened a cross-border RMB inter-bank account in the Central Asian region with Turon Bank, a financial institution in Uzbekistan, on Aug 21.

This is the first account of its kind to be implemented nationwide after the China-Central Asia Summit. It will facilitate economic cooperation and trade between the two countries.

The cross-border RMB inter-bank account is mainly used for the settlement and clearing of current and capital account transactions, RMB exchanges, account financing, interbank bond market agency settlement, and more.

After the account is established, the Shaanxi Branch of the Bank of China will review and integrate various business scenarios, such as the establishment of RMB clearing channels, usage scenarios, and investment channels.

It will promptly promote these services to Central Asian countries and provide a series of services including market access qualifications, filing, agreement signing, account opening, fund settlement, foreign exchange transactions, reconciliation, and more.

In recent years, the Shaanxi Branch of the Bank of China has made concerted efforts to promote convenient cross-border RMB-related services.

Since 2021, the branch has achieved a cross-border RMB settlement volume of over 32 billion yuan ($4.42 billion). Its business scope spans countries in Asia, Europe, Africa, and the Americas.