January 4 2021

Six Authorities Optimize Cross-border RMB Policies

Announcement by Multi-authorities

Six authorities including the People's Bank of China released on January 4, 2021 the Circular about Further Optimizing Cross-border RMB policies to Stabilize Foreign Trade and Foreign Investment. The circular will be implemented from February 4, 2021.

The circular covers policies in five aspects: simplifying cross-border RMB settlement process, optimizing management of cross-border RMB investment and financing, facilitating cross-border RMB receipt and payment under personal current accounts, and expediting the use of RMB settlement accounts by overseas institutions. The circular stated that foreign institutions can receive RMB funds remitted from their overseas accounts under the same name.