Chongqing's 2024 Cross-Border RMB Settlement Tops 400B Yuan, Outpaces National Average

Chongqing - By late 2024, financing balances tied to the New International Land-Sea Trade Corridor (ILSTC) exceeded 600 billion yuan (approx. USD 82.7 billion), a 15.5% year-on-year rise, said Yao Li, Secretary of the Party Committee and President of the People's Bank of China Chongqing Branch, and Director of the State Administration of Foreign Exchange Chongqing Branch, at a press conference on February 17.

Chongqing has enhanced its cross-border financial service network for the ILSTC, offering enterprises integrated financing and settlement services. It also secured the region’s first high-level cross-border trade liberalization pilot program and four other initiatives, boosting renminbi use in key projects like the "Chongqing Vehicles Going Abroad" program.

The local and foreign currency financing balance in sectors related to the ILSTC has exceeded 600 billion yuan. (Photo/Tang Yi)

Additionally, the city has improved foreign-related payment services, achieving full foreign exchange service coverage at key commercial hubs and major cultural and tourism sites. The number of mobile payment transactions by foreign visitors surged 5.8 times, while 98% of ATMs now support foreign card withdrawals.

Chongqing's financial sector has also aligned its efforts with the “33618” modern manufacturing cluster strategy, bolstering financial services for the modern industrial system. The focus includes future industries such as aerospace information, low-altitude economy, and digital economy, alongside intelligent upgrades of traditional industries.

Wen Jiangyong, Deputy President of the People's Bank of China Chongqing Branch and Deputy Director of the State Administration of Foreign Exchange Chongqing Branch announced plans for institutional reforms in the foreign exchange sector in 2025. To create a more convenient, compliance-friendly environment, Chongqing will expand cross-border trade liberalization pilots, improve FDI policies, and advance foreign exchange reforms.

In 2024, Chongqing’s cross-border renminbi settlement volume neared 400 billion yuan, reflecting a 37% year-on-year increase and surpassing the national average by 15 percentage points. Meanwhile, the city's external revenue and expenditures with ASEAN exceeded USD 7 billion. Over 700 enterprises leveraged specialized financial application scenarios under the corridor initiative, driving total financing settlements to USD 5.46 billion.

Chongqing's financial core area is Jiangbeizui CBD. (Photo/Jiangbei District)

Chongqing's financial sector has also facilitated USD 95 million in cross-border financing quotas for tech enterprises, accelerating the development of new-quality productive forces. Measures such as small-currency hedging and domestic-foreign linked hedging have been implemented to help businesses mitigate exchange rate risks. 2024 the city recorded USD 12.8 billion in foreign exchange derivative transactions, benefiting 480 enterprises.

Looking ahead, Yao emphasized that Chongqing will continue to advance financial openness, reinforcing its role as a hub for inland international cooperation. The city plans to accelerate the expansion of high-level cross-border trade liberalization pilots, advocate for the implementation of integrated domestic and foreign currency cash pool policies for multinational corporations, and encourage financial institutions to develop products tailored to the real needs of the corridor’s development.