Cross Border Trade RMB Settlement To Avoid Exchange Rate Risk

Reporters from Quanzhou yesterday Foreign trade and economic cooperation The Bureau was informed that following the expansion of the pilot area for RMB settlement in cross-border trade to 20 provinces and cities nationwide, the pilot export enterprises also expanded substantially. Among them, 946 enterprises in our city have entered the RMB settlement experiment of export goods trade. enterprise The list accounts for 26.5% of the province.

It is understood that the approved pilot enterprises can carry out RMB settlement of export commodities trade on the 3 th of this month.

　 Lock in export profits

"If we bypass the US dollar and directly settle with overseas buyers through renminbi, it will not only lock in the cost and revenue ahead of schedule, but also avoid a big problem. exchange rate Risk. " Quanzhou Municipal Foreign Trade and Economic Cooperation Bureau official said.

It is understood that most of the export products of enterprises are settled in dollars and euros, and the net profit of enterprises will be reduced by one percentage point after the remittance into RMB. In addition, enterprises usually take several months from receiving orders, signing contracts to delivery and waiting for each other's payment. During this period, if the US dollar depreciates, it will bring more losses to enterprises.

Mr. Zhang, director of a garment export enterprise in our city, counted out an account for the reporter: in July 1st this year, the central parity of RMB against the US dollar was 6.79 yuan, and the company exported $100 thousand to the United States. When the other party made the money in December 20th, the central parity of RMB against the US dollar was already 6.66 yuan, and the company would lose 13 thousand yuan. "Generally speaking, with RMB settlement, export enterprises can save 3% to 5% of exchange cost and exchange rate losses. Enterprises can try to share savings with trade partners to achieve a win-win situation. Insiders said.

It is understood that as at the end of November, the amount of RMB settlement of cross-border trade handled by banks in our city has exceeded 1 billion 800 million yuan, ranking third in the province.

　　 Focus on emerging markets

"RMB settlement on the one hand simplifies the procedures, and on the other hand reduces the cost of settlement, but the key to the implementation is whether the other side is willing to accept it." Wu, director of the Quanzhou auto parts company, told reporters that although the European and American merchants were relatively resistant at this fair, there were more customers in Southeast Asia, the Middle East, South America and other regions, which indicated that they could accept RMB settlement, and some even offered to settle accounts in the people's Republic of China.

"Emerging markets will become the main battleground for cross-border RMB settlement." The relevant director of the Municipal Bureau of foreign trade and economic cooperation said that the promotion of cross border settlement of RMB should adopt the way of "easy to get ahead and difficult", starting from the emerging markets such as ASEAN and the Middle East.

Take the Russian market as an example. Not long ago, the news that China and Russia will realize bilateral trade settlement in their own currencies undoubtedly brought the gospel to many export enterprises in Russia. "Trade between Chinese and Russian enterprises will no longer need to be" intermediaries "in dollars or euros, and the trade cost of export enterprises will be greatly reduced, and trade between the two places will also be more smooth. Cai Yantian, executive vice president of the Chinese Chamber of Commerce in Fujian Province, said.

　 Do "know yourself and know it".

What problems should the pilot enterprises pay attention to in the process of RMB settlement in export trade?

It is understood that the pilot enterprises, when enjoying the policy of refund (Exemption) of export goods, do not need to provide the verification form for export receipts, but they should declare separately to the competent tax authorities. If they are declared together with other export goods, they should mark the declaration of export commodities for cross border trade RMB settlement in the declaration form.

In order to meet the actual requirements of enterprises, the pilot enterprises may deposit their export renminbi income abroad according to regulations, but they must file a record with the local branches of the people's Bank through the domestic settlement bank. 210 days after the export of goods, the pilot enterprises do not collect the renminbi's goods back to the territory, they should be reported to the RMB cross-border payment information management system through their domestic settlement banks within 5 working days.

In addition, the pilot enterprises should pay attention to some operational details in the process of RMB settlement. For example, in the contract signing stage, the pilot enterprises should pay attention to whether the overseas enterprises have the source of Renminbi funds to pay the contract money and whether the foreign countries will declare the RMB in the country or region when they sign the RMB trade settlement contract with overseas.