Shaanxi Province has seen a significant increase in cross-border Chinese Yuan (RMB) transactions within the framework of the Belt and Road Initiative. From January to November 2024, RMB transactions in the region grew by 8.27% compared to the same period last year, strengthening Shaanxi’s international economic partnerships. The sharp rise in RMB transactions with Central Asian countries highlights how the Belt and Road Initiative is deepening regional economic ties.
Shaanxi is actively promoting the use of RMB for trade and investment with various international partners, especially those in Central Asia, under the Belt and Road Initiative. Local businesses are increasingly choosing RMB transactions in cross-border trade, services, and investments, reducing foreign exchange costs and currency risks. Additionally, Shaanxi is hosting financial collaborations that strengthen the role of RMB in global trade.
During this process, financial institutions in Shaanxi have forged closer collaborations with Belt and Road partner countries, opening new accounts for RMB payments. This allows businesses in the region to conduct international trade and investments more efficiently. Furthermore, Shaanxi’s integration into global trade is growing, making regional economic activities more effective.
Shaanxi’s successes in this area are accelerating the region’s opening up and contributing to China’s rise as a key player in international economic relations. The Belt and Road Initiative is enabling Shaanxi to strengthen its global trade networks and play a significant role in the region’s economic development.