Recently, the PBC, the Ministry of Finance, the Ministry of Commerce, the General Administration of Customs, the State Administration of Taxation, and the CBRC jointly ratified 67,359 enterprises in the 16 provinces (autonomous regions and municipalities) of Beijing, Tianjin, Inner-Mongolia, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangdong, Guangxi, Hainan, Chongqing, Sichuan and Yunnan to join the pilot program for RMB settlement of export of goods. Starting December 8 2010, these pilot entities can settle export of goods in RMB in accordance with the Administrative Measures for the Pilot Program for RMB Settlement of Cross-border Trade, make related export declaration and enjoy tax rebate and exemptions.

Since the expansion of the pilot program in June 2010, transactions settled in RMB increased steadily and relatively rapidly. From June to November, RMB settlement of cross-border trade transactions reached 340 billion yuan, over 7 times as much as that before the expansion, satisfying the needs of the corporate sector. 

The expansion of pilot exporters from 365 to 67359 will further promote RMB settlement of export of goods and facilitate trade and investment.