The Beibu Gulf Port is making great progress in achieving new cross-border transactions through Chinese currency settlements. On July 19, Ant Ocean (Hong Kong) Supply Chain Management received its first RMB financing through a Non-Resident Account (NRA).

This is said to have marked the point where the Beibu Gulf Commodity Trading Platform achieved a new breakthrough in cross-border transactions and the RMB settlements business.

This field relies on the Beibu Gulf Commodity Trading Platform and the overseas platforms of its subsidiary in Hong Kong, using NRAs to make direct cross-border payments, bolstering the efficiency of domestic and overseas fund settlements. RMB-denominated settlements are said to enrich the channels for RMB cross-border circulation and can reduce exchange rate risks.

The Beibu Gulf Bulk Commodity Trading Platform online. [Photo/WeChat account: zmqqzgpq]

The Beibu Gulf Bulk Commodity Trading Platform was launched on Nov 10 last year and has since then accumulated a trading volume of 8.36 billion yuan ($116 million), with 3.9 million metric tons of spot deliveries and online fund settlements worth 1.66 billion yuan. The platform aims to establish a channel for bulk commodity trading for the ASEAN region, with a focus on the manganese industry. It takes advantage of the incentives and preferential policies of the China (Guangxi) Pilot Free Trade Zone to build a platform for cross-border trading and settlements of bulk commodities and to promote cross-border trade.