Wan Tailei, Vice President of Cross-border Clearing Company: Initial construction of a connected RMB cross-border payment network connecting the world.

On November 5th, the sub-forum "Financial Assistance for Global Economic and Trade Development" of the Hongqiao International Economic Forum was held at the National Exhibition and Convention Center. During the event, Vice President Wan Tailei of a cross-border clearing company stated at the roundtable discussion on the theme of "New Opportunities and Challenges in Global Trade Development" that "the cross-border clearing company is committed to providing safe, efficient, and convenient RMB payment services for international economic and trade activities and financial market transactions. As of the end of October this year, our system has a total of 1736 participants, covering 122 countries and regions globally, thus initially establishing a network for RMB cross-border payments that connects the world. Among them, there are 187 direct participants, with foreign institutions accounting for 73%, and 1559 indirect participants, with foreign institutions accounting for 64%. In this way, we are able to provide infrastructure support for global RMB users to conveniently conduct business through local banks in their own countries."