Since the Tibet Autonomous Region(TAR) was appointed to be the experimental province of cross-border RMB trade settlement on June 17, 2010, the commercial banks in Tibet led by the Lhasa sub-branch of People's Bank of China have worked hard to steadily promote all sorts of the RMB business, facilitating the trade and investment.
Until now, the banks in the TAR have cumulatively completed 11.733 billion yuan (about $1.88 billion) of cross-border RMB settlement, breaking through 10 billion yuan (about $1.6 billion). The goods trade exports settlement amount has reached 11.672 billion yuan (about $1.87 billion), accounting for 99.48 percent of the total footings.
Moreover, the goods trade imports settlement amount has reached 50 million yuan (about $8.03 million).
In addition, the exports and imports of service trade and other current items have completed 11 million yuan (about $1.77 million).
Since 2010, Tibetan cross-border RMB settlement has extended its range from Nepal and Hong Kong to seven other countries and regions, including Japan, Denmark, and Italy.