China (Zhejiang) Pilot Free Trade Zone makes new progress in building a RMB internationalization demonstration zone for international commodity exchanges, as statistics from Bank of China (Zhoushan Branch) reveals that cross-border RMB settlement exceeds 100 billion yuan.

In 2017, cross-border RMB settlement in Zhoushan City, Zhejiang Province was 3.8 billion yuan, which rose to 72.7 billion in 2018. Up to the first quarter of this year, the number has reached 23.6 billion with a year-on-year growth of nearly 4 times, ranking the second in Zhejiang.

Pursuing system and mechanism innovation in financial management is the major role of Zhejiang Free Trade Zone. During the first two years of operation, the FTZ has pioneered a pilot project of streamlining the procedure of capital income, exchange settlement and payment for eligible companies. A platform was established for integrating the issuance, transfer, financing and transaction of warehouse receipt, turning the zone into the first FTZ in China that completed the warehouse receipt financing order. A number of financial products and experience generated by the zone are ready to be replicated nationwide.

Excutive Editor: Yongliu HE