The gross volume of cross-border RMB settlements in the city of Qingdao has totaled 116 billion yuan (US$ 18.58 billion) as the city was included among China’s second batch of experimentation cities back in June of 2010.

Compared with foreign currencies, the service could save an average of 2% on enterprise expenditures. It is estimated that the saving cost for all experimentation enterprises in Qingdao has crossed the 2 billion yuan line, according to one of the staff in the People’s Bank Qingdao Branch.

The cross-border RMB settlement service in Qingdao mainly covers import-export commodities and service trade of foreign-related enterprises, direct investment in foreign countries, foreign investment in China, foreign loans and other common cross-border capital transaction items.