Cross-border yuan settlements surpass 100 b in first five months
Cross-border yuan settlements accounted for 101 billion yuan ($15.7 billion) in Xiamen during the first five months of the year, 33.9 percent more compared to the same period in 2015.
Cross-border yuan settlements made in the capital category totaled 58.9 billion yuan during the period.
The commodity and service export sector accounted for a total of 29.1 billion yuan, while the commodity and service import accounted for 13.5 billion yuan.
Cross-border yuan settlements have experienced rapid growth since Xiamen started to offer the service in June 2010.
The settlement volume grew from 24.6 billion yuan in 2011 to 259.1 billion yuan in 2015, maintaining an average annual growth rate of 80 percent.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.