The Beibu Gulf Mercantile Exchange recently completed its first cross-border transaction of imported manganese ore and cross-border RMB settlement case.

The Beibu Gulf Mercantile Exchange. [Photo/WeChat account: gh_df8bc987e060]

The transaction involved 36,500 metric tons of Australian manganese ore, with a value of about 60 million yuan ($8 million), purchased by Beibu Gulf Canal Industrial.

The transaction involves 36,500 metric tons of Zhou manganese ore which was purchased by Beibu Gulf Canal (Guangxi) Industrial. [Photo/WeChat account: gh_df8bc987e060]

Through the RMB Cross-border Interbank Payment System (CIPS), the Beibu Gulf Mercantile Exchange has realized the efficient transfer of funds in and out of the country, and locked the onshore offshore RMB exchange rate in advance. Through this utilization, it has also avoided high exchange rate risks, effectively reduced cross-border transaction costs, and improved cross-border transaction efficiency.

The Beibu Gulf Mercantile Exchange, launched on Nov 10, 2022, is a platform that facilitates the import of manganese ore, manganese silicon alloy, electrolytic metal manganese and other manganese products. During its trial operation, it completed a total transaction volume of 2.56 billion yuan, an online capital settlement of 1.24 billion yuan, and oversaw the physical delivery of products weighing up to 2.35 million tons.