Shenzhen’s Cross-Border Renminbi Payments Hit  Record High

Shenzhen, Guangdong province, recorded a record-breaking 4 trillion yuan ($556 billion) in cross-border renminbi payments in 2023, the highest ever. The renminbi, or yuan, continues as the dominant settlement currency between Shenzhen and Hong Kong for the fourth consecutive year, with a 28.3% year-on-year increase in cross-border payments. Approximately 58.3% of these transactions occurred between Shenzhen and Hong Kong, totaling 3.5 trillion yuan. To facilitate payments for Hong Kong residents in Shenzhen, diverse methods including digital RMB and mobile payments are being adopted. Notably, Hong Kong residents have opened around 3 million bank accounts in Shenzhen, with a significant portion established through the witness account opening system.