---
title: "RMB settlement! There is big news"
description: "On October 18th, China Shipbuilding Hudong-Zhonghua and Canada's Seaspan signed a contract in Shanghai for the construction of 6 large container ships, settling in Renminbi for the first time. This is"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/217303339.md"
published_at: "2024-10-20T00:37:20.000Z"
---

# RMB settlement! There is big news

> On October 18th, China Shipbuilding Hudong-Zhonghua and Canada's Seaspan signed a contract in Shanghai for the construction of 6 large container ships, settling in Renminbi for the first time. This is the third batch of orders for Hudong-Zhonghua this year, marking an important progress in the internationalization of the Renminbi. Renminbi settlement helps shipbuilding enterprises reduce exchange rate risks, enhance profitability, and market competitiveness. In recent years, the proportion of Renminbi settlement in goods trade has been increasing, reaching 24.8% in 2023

According to CCTV news, on October 18th, China Shipbuilding Industry Corporation's Hudong-Zhonghua Shipbuilding joint venture with China Ship Trading signed a contract in Shanghai with the world's largest independent container ship lessor, Canada's Seaspan, for the construction of 6 self-developed 13,600 TEU large container ships, settling in Chinese Yuan. It is worth noting that this batch of orders is the third batch of a total of 15 large container ships orders undertaken by Hudong-Zhonghua this year, the first time settled in Chinese Yuan, and also the largest container ship order settled in Chinese Yuan this year in China, which is of great significance for promoting the internationalization of the Chinese Yuan. At the same time, using Chinese Yuan settlement will help shipbuilders reduce exchange rate risks, enhance profitability, improve market competitiveness, and also help ship lessors reduce financing costs and increase trade efficiency. Recently, Chinese Yuan cross-border settlement transactions have made new progress. The third domestically produced jet ARJ21 aircraft delivered by China Aircraft Leasing Group to Indonesia's Linyi Airlines arrived in Jakarta, the capital of Indonesia, on the evening of May 31st. This is the first Chinese Yuan cross-border settlement transaction for domestically produced aircraft. The "2024 RMB Internationalization Report" released by the People's Bank of China shows that in recent years, the proportion of RMB settlement in goods trade payments in China has been increasing. In 2023, the proportion of RMB cross-border payments in goods trade payments compared to the total cross-border payments in the same period in both RMB and foreign currencies was 24.8%, and from January to August 2024, this proportion increased to 26.5%

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
