The People's Bank of China (CFP)

The annual amount of cross-border RMB settlement in Suzhou City reached over 1.055 trillion yuan by the end of December 2024, surpassing the trillion-yuan threshold and setting a new record high, according to the Suzhou branch of the People's Bank of China.

Data shows that the top 15 leading enterprises contributed 575.15 billion yuan to the cross-border RMB settlement volume, accounting for 54.51% of the total during the same period.

Notably, the rapid development of new trade forms, such as cross-border e-commerce, has unlocked growth potential in cross-border RMB business. The Central Bank’s Suzhou branch has introduced four non-bank payment institutions to carry out cross-border settlement services specially for new trade forms.

From January to December 2024, the non-bank payment institutions cumulatively contributed 146.5 billion yuan to the cross-border RMB settlement, accounting for 13.89% and marking an increase of 76.52% year-on-year.