The cross-border renminbi (RMB) settlement in China (Zhejiang) Pilot Free Trade Zone (FTZ) hit a record high of more than 84.81 billion yuan ($12.61 billion) in the first nine months of this year, increasing 23 percent year-on-year, local media reported on Oct 15.

The figure represented 12.3 percent of the total amount in Zhejiang.

Zhejiang FTZ's cumulative cross-border RMB settlement has exceeded 250 billion yuan since it started operating in 2017, and its business scope has expanded to 48 countries and regions, including 22 countries involved in the Belt and Road Initiative.

In April this year, Zhejiang FTZ released measures to streamline cross-border RMB settlement for certain companies in the zone, bringing benefits not only to oil product companies, but also companies involved in other fields in Zhejiang FTZ.

Twenty-one local companies have been approved to receive the streamlined cross-border RMB settlement services.

Shi Qisheng, deputy general manager of China Aquatic Products Zhoushan Marine Fisheries Corp, said that it previously took several hours to deal with international settlements at People's Bank of China, whereas now RMB payments for international trade can be processed in just a few minutes thanks to the online banking service.

The measure taken by Zhejiang FTZ effectively increases companies' work efficiency and lowers their costs, noted Shi.

Companies like China Aquatic Products Zhoushan Marine Fisheries Corp are now exempt from submitting evidence for cross-border RMB settlement and can simply follow the Instructions on Cross-border RMB Settlement Receipt/Payment.

Currently, 16 banks in Zhoushan can handle cross-border RMB settlements.