The Bank of China's Zhejiang Branch launched a "one-stop global local currency receipt service" at a customer promotion event in Yiwu on August 12, aimed at facilitating cross-border settlement for enterprises trading with emerging markets.
The service, developed under the guidance of the People's Bank of China Zhejiang Branch and the State Administration of Foreign Exchange Zhejiang Bureau, focuses on smoothing small currency settlement for emerging market trade. It creates a closed-loop model combining "front-end local collection via technology platform" with "back-end clearing and declarative reporting."
Global payment platform PingPong Group serves as the ecosystem partner providing product support for local collection. The solution enables online operation of small currency receipts while flexibly mitigating exchange rate risks, ensuring overseas funds return safely and compliantly to domestic financial channels.
For Yiwu's vast number of small and micro Africa-focused traders, the "small currency exchange plus cross-border RMB receipt plus declarative reporting" model enables direct Nigerian naira-to-RMB conversion, allowing African buyers to "pay in local currency" while Chinese enterprises "receive in local currency."
The Bank of China has already provided over US$10 billion in cross-border trade settlement support for Zhejiang enterprises trading with emerging market countries, underscoring the growing importance of diversified payment solutions in China's foreign trade.
Source: Chao News, August 12, 2026
