Chinese Yuan Cross-Border Trade Settlement Service

Under the pilot scheme announced by People's Bank of China (PBOC) on 2nd July 2009, cross-border trade settlement between China and Hong Kong, Macau and 10 ASEAN countries (Singapore, Malaysia, Thailand, Indonesia, Vietnam, Philippines, Brunei, Cambodia, Laos and Myanmar) can be done in Chinese Yuan (CNY).

Criteria for Eligible Trade Transactions:

  • Trade must involve underlying goods delivery;
  • Transactions include Letters of Credit (LCs), Collections (DP/DA) and Open Account (including advance payment);
    Can be imports or exports;
  • Trade must be between a customer (as importer or exporter) of UOB in Malaysia and a pilot enterprise* in China. Customers are required to provide the necessary supporting documents (invoice or sales contract) to confirm that it is an eligible trade transaction.

* Pilot Enterprise is defined as a company incorporated in China that is approved by the relevant authorities in China to be a pilot enterprise under this cross-border trade settlement scheme. It includes local Chinese companies (state-owned enterprises, private-owned enterprises) and multi-national corporation (MNCs).


Our range of export-related services includes the following:

  • Agreement to settle in CNY can help you get more business as China enterprises are likely to prefer CNY settlements
  • China economy is still growing amid the global economic slowdown; holding CNY can be a benefit
  • CNY has been appreciating in the past one year to the advantage of exporters


Service offered under this pilot scheme We can provide the following services:

  • Chinese Yuan Current Account Opening:
    • For the purpose of facilitating eligible trade transactions between you and the eligible pilot enterprises
  • Trade Transactions:
    • Issue and receive LCs denominated in CNY Settlement will only be carried out after receipt of compliant documents
    • Handle trade collections in CNY
    • Provide you with Foreign Exchange rates for settlement of trade transactions
  • Trade Related Payments:
    • Send and receive trade related payments (MT103) in CNY
    • Provide you with Foreign Exchange rates for settlement of trade related payments
  • Foreign Exchange Rates:
    • Competitive buying and selling rates for CNY (value spot)
    • No forwards

For more information

For more information on Chinese Yuan Cross-Border Trade Settlement Service, please contact our Trade Sales / Advisory team:

  • Central Area
    Ms. Karen Lee Wai Kuen +6 03-2772 6392
    Ms. Regina Tan Meow Hwang +6 03-2772 6395
    Ms. Tee Lu Fen +6 03-2772 6396
  • Northern Area
    Mr. Tay G Lim +6 04-3148 073
    Mr. Ung Kok Eng +6 04-3148 076
    Ms. Ng Gaik Lim +6 04-2588 076
  • Southern Area
    Ms. Yean Sau Yun +6 07-2196 229
  • East Coast and East Malaysia
    Encik Shahrul Anuar Bin Jaafar +6 03-2772 6471

More Information

  • Contact our 24-hour UOB Call Centre at:
    Kuala Lumpur +6 03-26128 121
    Penang +6 04-2401 121
    Johor Bahru +6 07-2881 121
    Kuching +6 082-287 121
    Kota Kinabalu +6 088-477 121
  • Email Us