Shenzhen: expand the application scope of RMB local currency settlement, improve the convenience and efficiency of RMB cross-border use and payment.

Recently, the Shenzhen Municipal Bureau of Commerce and the Municipal Development and Reform Commission jointly issued the "Implementation Plan for Promoting High-Quality Development of Service Trade and Digital Trade in Shenzhen". It proposes financial support for the development of service trade and digital trade, expanding the application scope of RMB settlement, improving the convenience and efficiency of RMB cross-border use and payment, encouraging banks to optimize document review and enhance data sharing under the premise of real compliance, enriching RMB payment scenarios, and improving the overall experience of enterprises using RMB for investment and financing, project construction, procurement, revenue collection, etc. Actively participating in the application of the multilateral central bank digital currency bridge project, encouraging banks to actively expand the scope of exchange rate hedging for "first-time account" enterprises, and expanding the application of related exchange rate hedging and linking products. Optimizing export credit and export credit insurance services, expanding the coverage and support for businesses in the service trade sector, and supporting companies to enhance their international operational capabilities. Promoting cross-border financial innovation based on free trade accounts, researching the expansion of account functions and the pilot bank range. Promoting the unified settlement account system for local and foreign currencies in banks, and expanding the range of participating entities in a timely manner. Facilitating the admission of qualified overseas institutional investors and RMB-qualified overseas institutional investors, improving the management of foreign exchange for direct investment, and supporting overseas institutions to invest in Shenzhen's technology companies through qualified overseas limited partners.