Guo Xin won the "Demonstration Enterprise of Local Currency Settlement" of Jiangxi Province in 2021

2022.04.08

RMB internationalization is a major strategic decision made by the CPC Central Committee and the State Council in assessing the situation, and it is also an inevitable requirement for building a new development pattern of high-level opening to the outside world. In order to boost the internationalization of RMB, improve the efficiency of RMB cross-border payment and settlement, and speed up the implementation of Jiangxi's great opening-up strategy and the construction of an inland open economic pilot zone, the Nanchang Central Branch of the People's Bank of China and Jiangxi Provincial Department of Commerce have decided to identify the use of RMB for Cross-border settlement by foreign-related enterprises in Jiangxi Province. For foreign-related enterprises that are better in using RMB for cross-border settlement, they will be awarded " Demonstration Enterprise of Local Currency Settlement ".

In the first evaluation of "Demonstration Enterprise of Local Currency Settlement " in Jiangxi province carried out by Nanchang Central Branch of the People's Bank of China and the Jiangxi Provincial Department of Commerce. The Group's subsidiary "Nanchang Qianhai Guoxin Electronic Technology Co., Ltd." was awarded the "Local Currency Settlement Demonstration Enterprise" in Jiangxi Province in 2021 honor.

In the future, our company will effectively play a leading role in demonstration, drive more enterprises to increase the use of RMB for cross-border settlement, guide enterprises to establish the concept of "local currency first", and make greater contributions to promoting the development of Nanchang's open economy.

What is local currency？

Local currency refers to the legal currency of a certain country, and other currencies other than legal currency cannot be circulated in this country. For example, the only legal tender in China is RMB, so we also call RMB local currency, but this concept is mostly used in the foreign exchange market. All other currencies except local currency are collectively referred to as foreign currency.

What is settlement？

The liquidation of currency receipt and payment business between enterprises, institutions, agencies and other units due to commodity trading, labor supply or capital allocation. The so-called local currency settlement, for example, means that you can pay in RMB when you travel to other countries.

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