On May 26, the China-Africa Cross-border RMB Settlement Center was inaugurated at Zhejiang Chouzhou Commercial Bank in Yiwu, marking a new step for Yiwu to enter the “Fast Lane” of settlement with Africa.

In December 2012, Yiwu City took the lead in China to launch a trial program program for an individual cross-border RMB trade settlement, providing a cross-border RMB settlement channel for market traders and specific countries, effectively reducing settlement costs, avoiding exchange rate risks and opening up international settlement channels. Now, there are 176 countries and regions for cross-border RMB settlement with Yiwu. After the establishment of the China-Africa Cross-border RMB Settlement Center, Yiwu City expanded cross-border RMB settlement business in Africa through Zhejiang Chouzhou Commercial Bank to further strengthen cross-border RMB business cooperation with Chinese banks’ branches in Africa and overseas financial institutions, establish cross-border RMB clearing and settlement channels, and explore cross-border asset transfer, RMB interbank purchase and sale, and other businesses.