According to the Administration of Fuzhou Area of China (Fujian) Pilot Free Trade Zone, in order to implement the national strategy on deepening financial reform and opening up and steadily promoting the internationalization of the RMB proposed by the Central Committee of the Communist Party of China and the State Council, the Administration, in conjunction with the People's Bank of China Fujian Branch, formulated and released the Several Measures to Support Cross-border RMB Services (the "Measures"), to facilitate the development of cross-border RMB services, promote the construction of the Cross-Strait Integrated Development Demonstration Zone, and boost the high-quality development of the Fuzhou Free Trade Zone.

The Measures encourages enterprises to use RMB in cross-border current transactions more frequently. A reward mechanism will also be established for this purpose. Enterprises whose amount of cross-border settlements in RMB is 10 million more than that of the previous year will be rewarded proportionally. Meanwhile, the Measures encourages enterprises to use RMB in current transactions with Taiwan. A reward mechanism will be specially established for this purpose to promote economic integration and development across the Taiwan Strait.

The Measures also encourages enterprises to initiate cross-border RMB services by setting up a reward for them (the "Initiators"). Enterprises up to standards will be rewarded proportionally based on the actual amounts incurred for the year. The Measures explicitly offers more facilitating policies for enterprises. The Initiators and premium enterprises can receive cross-border RMB service facilitation services from banks. The threshold for being recognized as "excellent enterprises" is widened for Specialized, Refined, Differential, Innovative (SRDI) enterprises and supply chain enterprises in certain areas as well as eligible Taiwan-funded enterprises and other enterprises trading with Taiwanese entities, based on proper due diligence.

The Measures also encourages individual cross-border settlement in RMB for domestic or foreign individuals working or residing in Fuzhou. Banks in the area will optimize relevant business processes to provide more convenient and efficient cross-border settlement services for individual users, thus satisfying the diverse financial needs of residents. In addition, the Measures encourages banks to improve the level of cross-border RMB services by rewarding individuals attaining a certain increment in cross-border RMB services from the supply side.

Report has it that the Measures will come into effect on July 1, 2024, and will be valid until December 31, 2025. The services incurring from January 1, 2024 to June 30, 2024 will also be subject to the Measures. Rewards will be distributed annually without the need for application.