Qinzhou's cross-border financial reforms prove successful
The value of financial innovation in the China-Malaysia Qinzhou Industrial Park has reached 10.88 billion yuan ($1.71 billion). In particular, the cross-border two-way flow facilitation business was valued at 38 million yuan.
Since the launch of the financial innovation pilot of the China-Malaysia Qinzhou Industrial Park in August 2020, Qinzhou has promoted the construction of an open financial portal for ASEAN, improved the quality of financial services, and facilitated cross-border investment and financing between China and Malaysia.
On June 11, the Bank of China Qinzhou Branch used the China-Malaysia Qinzhou Industrial Park Financial Innovation to improve cross-border renminbi (RMB) two-way flow facilitation pilot policies to provide for Guangxi Ant Foreign Goods Supply Chain Management.
The company has successfully handled 3 million yuan in cross-border RMB financial payments, marking the implementation of the two-way flow facilitation business of financial innovation in the China-Malaysia Qinzhou Industrial Park.
The People's Bank of China (PBC) has allowed for five financial innovation pilot projects in Qinzhou, including convenient cross-border RMB two-way flow facilitation, cross-border RMB interbank financing, RMB loans for overseas projects in the China-Malaysia Qinzhou Industrial Park, the cross-border transfer of domestic credit assets and the simplification of offshore transfers of RMB bank settlement accounts for overseas institutions.
These projects will bring liquidity guarantees to banks in Malaysia when conducting business in RMB and will expand channels for Malaysian banks in the allocation of RMB funds.
The China-Malaysia Qinzhou Industrial Park. [Photo/WeChat account: gh_df8bc987e060]