The 2025 "Five Regions Joint Construction" Cross-Border Renminbi (RMB) Facilitation Mutual Recognition Business Conference was recently held in Tianjin, bringing together representatives from Beijing, Tianjin, Hebei, Shanxi, and Inner Mongolia.

The conference jointly released a mutual recognition list of 2,970 high-quality enterprises, marking a significant step forward in promoting cross-border RMB settlement in Shanxi province.

Building on the earlier mutual recognition of high-quality enterprises in the Beijing-Tianjin-Hebei region, this initiative aims to drive financial reform and innovation while also expanding the network of high-quality enterprises in the five regions benefiting from streamlined cross-border RMB transactions.

The system allows enterprises on the list to enjoy streamlined services without the need for separate applications or approvals when conducting cross-border RMB transactions with banks in the five areas. This results in more convenient and efficient business operations.

In recent years, the Shanxi Branch of the People's Bank of China has continuously optimized cross-border RMB settlement facilitation schemes. Specialized and innovative enterprises, high-tech enterprises, technology-oriented small and medium-sized enterprises, high-quality private enterprises, and core manufacturing enterprises are allowed to conduct 10 or more cross-border RMB transactions under the system within two years. Additionally, enterprises recognized for foreign exchange trade facilitation can be directly designated as high-quality enterprises. Currently, Shanxi boasts 248 high-quality cross-border RMB enterprises.

Moving forward, the Shanxi Branch of People's Bank of China will continue to strengthen cooperation with neighboring provinces and cities and guide local financial institutions to actively promote mutual recognition policies.