The Bank of Guilin launched the first non-resident account (NRA) cross-border electronic bank acceptance bill settlement business in the country, with an amount of 3.84 million yuan ($603,631).

Since its establishment three years ago, the China (Guangxi) Pilot Free Trade Zone (FTZ) has gathered many high-quality financial resources. In 2021, the Bank of Guilin served 131 enterprises in the Nanning, Qinzhou Port, and Chongzuo areas of the Guangxi FTZ, providing over 6.4 billion yuan in credit support, a year-on-year increase of 178 percent.

For the NRA account service, the business applicant Guangxi Dameng Manganese Industry Group is engaged in manganese ore mining import and export, processing, as well as the production and sales of manganese-based products. It usually settles with overseas suppliers by import letter of credit or telegraphic transfer. Due to the rapid growth of domestic demand for manganese ore and the intensified price fluctuations of international bulk commodities in recent years, the company urgently needed to improve the efficiency of cross-border payments and the settlement of external procurements, as well as to enhance their exchange rate hedging management ability.

After understanding the company's needs, the Bank of Guilin combined the advantages of bill settlement with the functions of NRA accounts, as well as launched the cross-border bill link, realizing the connection between domestic mainstream trade settlement tools and the cross-border industrial chain.

China-ASEAN Financial City. [Photo/WeChat account: gh_df8bc987e060]