Inner Mongolia Leads the Country in Foreign Exchange Activities
News from the Inner Mongolia Branch of the State Administration of Foreign Exchange reveals impressive growth in foreign-related receipts and payments in the autonomous region during the first quarter of the year. According to reports, banks in Inner Mongolia processed a total of 17.37 billion U.S. dollars in foreign exchanges, marking a significant 124.9% increase compared to the previous year and placing the region at the top spot nationwide.
Moreover, the total bank settlement and sales amount reached 3.94 billion U.S. dollars, reflecting a 10.1% increase year-on-year and ranking Inner Mongolia third in the country in terms of growth rate. These figures demonstrate the region’s commitment to deepening reform and opening up in the foreign exchange sector, as well as its efforts to improve cross-border trade investment and financing policies.
Since the beginning of the year, Inner Mongolia has focused on enhancing cross-border financial services to benefit business entities. Efforts to streamline foreign currency exchange services have resulted in the establishment of 15 exchange agencies across the region, catering to the needs of overseas individuals visiting China. Furthermore, the region has implemented exchange rate risk management services to support small and micro foreign trade enterprises, offering fee reductions and margin exemptions that have saved companies a total of US$12.01 million.
Additionally, financial institutions in Inner Mongolia have leveraged export accounts receivable financing scenarios to provide 38 companies with a total of 14 million U.S. dollars in financing during the first quarter. These initiatives have not only propelled the region’s foreign exchange market forward but also positioned Inner Mongolia as a key gateway for China’s northern opening-up strategy.
Overall, the level of cross-border financial services in Inner Mongolia continues to evolve, with a focus on introducing more investment and financing facilitation policies to support business entities. The region’s dedication to enhancing its financial infrastructure underscores its commitment to driving economic growth and promoting foreign-related economic development.
By Reporter Li Yongtao for Prairie All Media·Inner Mongolia News Network
Editor: Jia Xiaoyan