"We can now handle foreign exchange purchases overseas without opening an account overseas. It is much more convenient for us," said the head of a local foreign trade company who recently processed cross-border direct foreign exchange purchase transactions at the Beijing Economic and Technological Development Zone branch of the China Construction Bank.

Recently, the "Plan to Support Beijing in Deepening the Construction of the National Service Industry Demonstration Zone and Expanding Opening-up" highlighted the need to improve the convenience of cross-border capital flow and support the use of RMB by enterprises in the region to directly purchase foreign exchange overseas and pay overseas exporters 

"By studying policies, learning about products, and conducting investigations, we have explained the policy dividends in detail to enterprises and completed the first piece of business in our Beijing branch." Said the head of the CCB Beijing E-Town branch.

It is worth mentioning that this is also the first successful practice of overseas direct foreign exchange purchases in Beijing E-Town.

The head of the foreign trade company mentioned that," For companies like ours, engaged in foreign trade, due to possible differences in exchange rates between domestic and foreign markets, with the option of overseas direct foreign exchange purchases, we can compare prices before purchasing.”

"If the exchange rate overseas is more favorable, we can directly use the overseas rate for foreign exchange purchases, thus spending less RMB or obtaining more foreign exchange with the same amount of RMB." The representative added.

In terms of actual operations, overseas direct foreign exchange purchases not only facilitate enterprises in conducting commodity trade priced in RMB but also enable companies to fully utilize both domestic and international markets. By comparing the two exchange rates, it helps save exchange expenses and reduce financial costs.

Currently, the import payment of RMB overseas direct purchase business provided by the CCB relies on its overseas branches (cooperative institutions), supporting transactions in more than 140 small currencies and major foreign currencies. 

It has achieved full coverage along the Belt and Road routes and major economies, providing normalized support for local enterprises' global layout.