In today’s digital era, digital renminbi is “blooming in many places” in the cross-border business field at an alarming rate, showing strong development potential.
In the third week of May, digital renminbi was successively implemented in multiple cross-border business scenarios, bringing new changes to cross-border trade.
On May 18, the country’s first digital RMB payment of cross-border e-commerce retail import taxes was launched in Qingdao.
Heao (Qingdao) International Trading Co., Ltd. completed a tax payment of 102,900 yuan to the customs through digital renminbi.
Enterprises only need to bind their wallets and sign an agreement at the “China International Trade Single Window” to complete tax payment online. The entire process is not subject to the time limit of the traditional bank clearing system, effectively saving tax payment costs.
This move provides cross-border e-commerce companies with a more convenient and efficient way to pay taxes, and also lays a good foundation for the application of digital renminbi in the field of cross-border e-commerce.
At almost the same time, the country’s first digital RMB cross-border bilateral electricity settlement business was officially launched.
China Southern Power Grid Lancang-Mekong International Co., Ltd. relied on the multilateral central bank digital currency bridge to successfully collect cross-border electricity sales payments from Laos National Electricity Company in digital renminbi.
Under the traditional agency bank model, this cross-border electricity settlement needs to go through at least 3 to 5 intermediary banks, taking an average of more than 72 hours. However, the digital RMB settlement only takes less than 5 hours to complete, with an efficiency gap of more than 14 times.
This fully reflects the efficiency and advantages of digital renminbi in cross-border settlement, and provides a faster and safer settlement method for cross-border power trade.
On May 11, Postal Savings Bank Luzhou Branch handled cross-border RMB settlement for a goods trading company through the multilateral central bank digital currency bridge, with a remittance amount of 6 million yuan.
This settlement achieves point-to-point direct intermediary, while eliminating telegraph fees, full payment fees and CIPS intermediary bank fees.
Previously, China Petroleum International Corporation teamed up with the Shanghai Oil and Gas Trading Center to complete the first cross-border settlement of digital RMB oil and gas trade.
In the field of logistics, Shanghai has supported cross-border logistics payments through the digital renminbi “currency bridge”.
From oil and gas, electricity to cross-border e-commerce and logistics, the cross-border application of digital renminbi is moving from a single pilot to multi-industry coordinated advancement.
Digital RMB solves the problem of “receipt in seconds” for cross-border settlement from RMB to RMB.
However, export companies receive Naira in Africa and Vietnamese Dong in Southeast Asia.
The conversion from local currency to RMB requires a localized collection account network to complete the seamless connection at that port.
This is the core value of Yiyunhui’s deployment of localized collection account systems in Africa and Southeast Asia.
With the continuous expansion of cross-border applications of digital renminbi, it is believed that more companies will benefit from the convenience and efficiency brought by digital renminbi in the future, and digital renminbi will also play a more important role in global trade.
