Wang Xiaoyi advocates Xinjinag firms going out

Xingjiang sub-bureau of foreign exchange administration and the Industrial and Commercial Bank of China Xinjiang branch office held the meeting on August 25 to introduce Xinjiang producers going out, if they are strong enough in risk prevention.  Wang Xiaoyi, Vice-director of the SAFE, attended the meeting, when saying it’s of most importance to contact with the outside world. Since being concerned by the whole country, Xinjiang should utilize its unique economic status and gradually give supply of all kinds of financial products, in the mean time, continually enhance the reform of verification system in foreign exchange, in order to broaden financing channels in support of overseas running by Xinjiang producers. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

In June of the year, yuan settlement trial has been expanded to 20 twenty provinces and autonomies including Xinjiang Uygur Autonomous Region. In these areas, no limitation of foreign countries is required for cross-border settlement in yuan.

The top official of local people’s bank says it’s of crucial importance in safeguarding the money for the specified commercial banks with yuan settlement business.

Local industrial and commercial bank leader indicates they will provide the integrated service in clearing, financing and money management to fulfill the demand from the industries in process of foreign trade business.