CNY-based cross-border trade slows down

Thursday 18 September 2014 13:32 CET | News

China registered a slowdown in cross-border CNY transactions in July 2014, reports.

In July 2014, 49.91 USD billion (CNY 306.7 billion) worth of goods were settled in the Chinese currency, down 11.7% from June 2014, according to Bank of China (BOC), Chinas largest CNY clearing bank. The amount of goods settled in CNY accounted for about 13.2% of Chinas total imports and exports, 3.3% points lower than in June 2014.

However, the CNY kept the world 7th seventh most traded currency in July 2014, contributing to about 1.57% of global payments, according to BOC.

BOC has opened more than 1,200 inter-bank CNY clearing accounts and 1.7 million CNY accounts for corporate and individual clients overseas.

The bank almost doubled its CNY payment and clearing business from a year ago to USD 18.23 trillion (CNY 112 trillion) in Q1 2014, BOC data reveals.

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Keywords: CNY, cross-border, trade, decrease, ecommerce, transactions , remittance, payments , USD
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce