Xiamen's cross-border RMB settlement reaches new high in May
In May 2014, Xiamen achieved a cross-border RMB settlement of 16.5 billion yuan, making it the third consecutive month in which the settlement amount exceeded 10 billion yuan, and a second record high within three months.
The single month settlement amounts for March and April were 13.5 billion yuan and 10.2 billion yuan, respectively.
Compared to the same period of last year, the amount in May soared 2.38 times. From January to May, there are altogether 57.3 billion yuan in cross-border settlements in Xiamen, an increase of 1.55 times from the same period of last year.
The settlement amount of business under capital account in the first five months reached 28.8 billion yuan, an increase of almost tenfold, contributing 75.2 percent to the growth of overall cross-border RMB settlements in the city.
Since the trial of cross-border RMB settlement started in Xiamen, it has reached a total of over 194.5 billion yuan as of the end of May 2014.
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.