Transfers in Chinese RMB (YUAN)

Remittances to China are possible in Renminbi (Chinese Yuan) with HSBC Bank Armenia.

  1. What cities and provinces in China are included in the scheme?

    The People’s Bank of China has recently extended the coverage of cities and provinces. Now the scheme covers 20 cities and provinces including Shanghai, Guangdong, Beijing, Tianjin, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangxi, Hainan, Chongqing, Sichuan, Yunnan, Xizang, and Xinjiang.

  2. Are all enterprises in mainland China eligible to conduct cross-border RMB trade settlement?

    Yes. Originally, only Mainland Designated Enterprises (MDE's)1 were eligible to conduct cross-border RMB trade settlements. The recent notice by the People’s Bank of China (PBOC) now allows non-MDE’s to conduct cross-border trade settlement in RMB as well. For imports to China, where enterprises in mainland China will make the payment, both MDE’s and non-MDE’s are allowed. For export from China, only MDE’s are allowed and case by case approval by local PBOC is required for non-MDE’s. With the expansion of the scheme to cover more cities and provinces, the list of MDE’s will be expanded.

  3. Who are eligible to conduct cross-boarder RMB trade settlements?

    Due to restrictions imposed by PBOC, at this stage only overseas companies (including Armenian) are allowed to conduct cross-boarder RMB trade settlements. The service is not available to individuals.

  4. How can Armenian companies know whether their business partner in mainland China is eligible to conduct cross-border RMB trade settlements?

    Armenian companies need to check with their business partners in mainland China if they are eligible to pay or receive RMB for their trade settlements.

  5. Are there any requirements for Armenian companies? Will they be able to convert RMB freely into other currencies and vice versa?

    All Armenian companies conducting import and export trading business with eligible enterprises in mainland China can settle their trade in RMB. RMB funds received by Armenian companies may be converted into other foreign currencies or used to settle other trade transactions.

  6. Is the RMB allowed for all kinds of cross-border payments?

    RMB cross-border payment (China with other countries) is allowed for settlement of trade transactions for goods or services and payment under other current items. Payment under capital items should seek case-by-case approval from the relevant authorities in advance. RMB transactions that do not involve China are not regulated by the People’s Bank of China but are subject to the regulations of the countries/areas of the remitter or beneficiary location.

    There are no restrictions on the maximum amount in each RMB denominated remittance. However the remittance transaction must match with the actual trade (goods and service trade) and up to the actual trade amount.

  7. What are the trade settlement methods under RMB cross-border trade?

    Same as for other international settlement currencies, all common trade settlement methods apply for RMB, such as documentary credit (DC), documentary collections (D/P and D/A) and open account.

Important Notes

The current rules for RMB remittances may be changed from time to time by the Chinese authorities. The Bank is not responsible for advising customers about such changes and is not liable for losses incurred by remitters due to breach of set rules. Any remittances conducted in contradiction of the current rules may be stopped and returned back by counterparty banks.

For charges applicable to RMB remittances please visit Money Transfers page.

1 Mainland Designated Enterprises are enterprises approved by relevant authorities on recommendation by provincial government.

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+374 (60) 655 200

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+374 (60) 655 000

Our phone lines are open 24/7

Last updated on: 22/11/19 18:47 UTC

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