On June 19, news came that, relying on the upsurge of logistics trade under the New Western Land-Sea Corridor, Chongqing has recently successfully completed two-way digital renminbi cross-border remittance business between China and Laos. This is also the first digital renminbi cross-border settlement under the China-Laos line to achieve two-way collection and payment, opening up an efficient and convenient new digital channel for cross-border logistics freight settlement between the two places.
In the past, in the field of cross-border freight on the China-Laos railway, many companies faced many difficulties when settling freight and comprehensive service fees.
The transfer of a sum of money has to go through multiple levels of agency banks, which is extremely cumbersome and takes a long time to arrive.
Moreover, exchange fees, additional costs in intermediate links are superimposed, and problems such as uncertainty in capital flow are prone to occur, which to a certain extent hinders the efficiency of cross-border freight turnover.
This innovative business is led by the New Land-Sea Corridor Operations Co., Ltd., and is implemented in conjunction with the Chongqing Branch of the Industrial and Commercial Bank of China and the Vientiane Branch of the Industrial and Commercial Bank of China.
With the help of the digital RMB cross-border payment system, corporate cross-border remittances can be directly cleared point-to-point, eliminating multi-layer transfer links.
As a result, the speed of capital circulation has been greatly increased, reconciliation has become clear and transparent, and exchange-related expenses have been further reduced.
More importantly, the entire transaction trajectory is traceable, and compliance risk control is more secure.
From a single collection in the past, it has been upgraded to a smooth two-way remittance and collection. The implementation of this business has made up for the shortcomings of digital renminbi settlement of China-Laos railway cross-border logistics.
Many foreign trade and logistics practitioners said that the digital settlement model is more in line with the current business needs of high-frequency cross-border freight turnover.
Enterprises no longer need to occupy working capital for a long settlement process, and can arrange funds more flexibly and improve the efficiency of capital use.
As the core hub for the operation of the New Western Land-Sea Corridor, Chongqing is continuing to expand its advantages in opening up the corridor to the outside world.
The successful completion of the two-way digital RMB cross-border remittance business between China and Laos is a major breakthrough for Chongqing in the field of cross-border settlement.
It not only provides a more convenient and efficient payment method for trade between China and Laos, but also lays a solid foundation for the subsequent promotion and application of digital renminbi in cross-border trade, cross-border logistics and other fields.
In the next step, relevant parties will also continue to expand the implementation of digital renminbi in more practical scenarios such as cross-border trade and cross-border logistics based on key ASEAN routes such as China-Laos and China-Thailand.
It is foreseeable that as the application of digital renminbi continues to expand in the cross-border field, it will inject new vitality into the trade cooperation between my country and ASEAN countries and promote regional economic cooperation to new heights.
