In the first quarter of this year, the Shanxi Provincial Branch of the People's Bank of China implemented measures to promote renminbi (RMB) internationalization, encouraging local banks to engage in cross-border RMB business and facilitating trade and investment.

From January to March, cross-border RMB settlements of current accounts and direct investments in Shanxi province reached 20.55 billion yuan ($2.84 billion), marking a significant year-on-year increase of 76.12 percent. RMB settlement volume accounted for 30.24 percent of total foreign currency settlements, a rise of 17.84 percentage points compared to the same period last year.

Focusing on priority countries and regions, key sectors, and leading enterprises, the Shanxi Provincial Branch of the People's Bank of China has increased the proportion of RMB settlements with countries involved in the Belt and Road Initiative, such as Indonesia, the United Arab Emirates, and Myanmar, to over 30 percent.

Efforts also optimized the RMB cross-border settlement facilitation scheme and promoted mutual recognition of high-quality enterprises across provinces. Shanxi boasts 248 high-quality cross-border RMB enterprises, reflecting a 36.3 percent growth. In the first quarter, financial institutions in the province processed 544 cross-border RMB transactions for these enterprises, amounting to 13.72 billion yuan, a remarkable year-on-year growth of 188 percent.

Moreover, the mutual recognition of high-quality enterprises has expanded to include 2,970 enterprises across Beijing, Tianjin, Hebei, Shanxi, and Inner Mongolia, providing more efficient and convenient cross-border RMB settlement services for Shanxi's high-quality enterprises.