Cross-border yuan trade settlement volume reached RMB 16.1 billion in the bank institutes in Yunnan from January to September, showing an increase of 200% over the same period last year. The amount of trade in goods reached RMB11.343 billion, accounting for 15% of the total exporting at the same time, which is much higher than China’s average of 7%.

Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank in Yunnan province as well as Fudian Bank, the first provincial-level commercial bank in joint-stock system in Yunnan have established corresponding bank relations with banks in Vietnam, Laos, Myanmar and Thailand etc. Fifteen running accounts have been opened. Besides, other banks in Yunnan are negotiating with overseas banks to establish corresponding bank relations.

Background of Fudian Bank:

The former Fudian Bank was founded in 1911 by well-known Chinese revolutionary leader and warlord Cai E(蔡锷). It once had the function to issue currency before the founding of New China. It implemented monetary policy and controlled foreign exchange on behalf the former government of Yunnan Province.

After the founding of New China, the former Fudian Bank was taken over by People's Bank of China. It was officially reopened on December 30, 2007.