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[The "15th Five-Year Plan" for the Development of Guangxi's Financial Industry was issued: Promote the cross-regional use of RMB for ASEAN] On September 19, the General Office of the People's Government of the Guangxi Zhuang Autonomous Region issued the "15th Five-Year Plan for the Development of Guangxi's Financial Industry", which stated that it will promote the cross-regional use of RMB for ASEAN. Improve the use of RMB in cross-border trade. Focus on expanding the use of RMB in areas such as bulk commodity trade, cross-border e-commerce, and border trade. Promote Guangxi to use more RMB for settlement in cross-border industrial chain supply chain cooperation with ASEAN. Explore the application of digital renminbi in cross-border settlement. Support the development of online RMB settlement of cross-border trade. Support qualified banks within the jurisdiction to lend RMB funds to ASEAN peers. Improve the use of RMB in cross-border investment and financing. Promote “online filing + instant settlement” for domestic enterprises’ investment and financing in RMB in ASEAN. Build a digital RMB trade investment and financing center for ASEAN.
Promote the facilitation of RMB cross-border capital flows, innovatively support local enterprises in Guangxi to carry out direct investment, cross-border financing and other businesses in ASEAN in RMB, and encourage ASEAN enterprises to use RMB to invest and start businesses in Guangxi. Deepen cross-border financial market cooperation with ASEAN. Promote ASEAN commercial banks to access the Chinese inter-bank bond market and support the Chinese branches of ASEAN commercial banks to participate in the interbank lending market. Support the introduction of more regional trading varieties of RMB against currencies of ASEAN countries in the inter-bank market, and explore and improve the quotation and trading system of RMB against Vietnamese Dong. Support Guangxi financial institutions in establishing RMB agency banking relationships with financial institutions in ASEAN countries.
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