OREANDA-NEWS. October 12, 2011. In recent years, cross-border RMB settlement service of Agricultural Bank of China Limited (ABC) sustains robust development. By the end of August 2011, ABC recorded cross-border RMB settlement volume of RMB121 billion accumulatively, including an increase of RMB89.15 billion or increase rate of 1156% in 2011. The six branches in Zhejiang, Guangdong, Shenzhen, Shanghai, Guangxi and Inner Mongolia have exceeded RMB10 billion in terms of business volume, reported the press-centre of ABC.

Since the pilot program of cross-border RMB settlement service was launched, ABC has given active play to its advantages in capital and network to positively push the development of this service and continuously build the service brand of "Cross-border Express". Currently, ABC has formed a relatively complete system of cross-border RMB service products integrating settlement, trade finance as well as domestic and overseas interaction.

Take Guangxi for example. Entering 2011, Guangxi Province engages increasingly brisk cross-border trade and investment activities with ASEAN and the Pan-Beibu Gulf. Taking this opportunity, ABC Guangxi Branch actively expands business, accelerates institutional distribution in ASEAN, further improves internationalized service network and vigorously promotes cross-border RMB settlement service, further widening its business scope and customer base.

In August 2011, ABC Guangxi Branch entered into comprehensive cooperative agreements on RMB settlement service for cross-border trade with VietinBank Mong Cai Branch and Guangxi Yuchai Machinery Co., Ltd. respectively, to further strengthen bilateral cooperation and exchange in the business. It is expected that this year, the two parties will register cross-border RMB settlement volume of more than RMB100 million, completing 125% of the full-year plan.