Chongqing - Cross-border yuan transactions in southwest China's Chongqing surged 79.5% year on year to 389.2 billion yuan (about 58.43 billion U.S. dollars) in the first nine months of 2026, as the city expands financial services to facilitate international trade and investment.

The growth comes alongside new measures to simplify foreign exchange procedures, improve cross-border financing and support multinational companies operating in China. The measures were outlined at a government briefing on October 30.

The cityscape of Chongqing. (Photo/Chongqing Liangjiang New Area)

Wen Jiangyong, deputy head of the People's Bank of China Chongqing Branch, said a series of policies introduced this year had made trade settlement more efficient, cross-border financing more accessible and corporate fund management more flexible.

Chongqing has expanded a national pilot program that allows banks to process certain foreign exchange transactions. Measures include broader use of net settlement, which offsets eligible payments and receipts to reduce transaction frequency, and simplified procedures for reimbursing business partners for transportation, warehousing, and related expenses. Some foreign exchange payments can now be completed within minutes.

For eligible foreign-invested enterprises, certain domestic reinvestment registration procedures have also been shortened from three working days to the same day. Technology-oriented companies now have greater access to overseas borrowing and simpler registration procedures.

Chinese and international representatives attend the International Industrial Investment Cooperation Dialogue - Chongqing Session in Chongqing on October 22, 2026. (Photo/Zheng Ran)

Multinational companies can also use cross-border cash-pooling arrangements to manage funds across their global operations. By the end of September, 17 multinational companies in Chongqing had established such operations, covering 154 domestic and overseas member companies, mainly in electronic information and new-energy vehicle manufacturing. The arrangements had facilitated more than $33 billion in cross-border settlements, Wen said.

Digital infrastructure connects Chongqing and Hong Kong

Another development is the launch of a cross-border data verification platform connecting Chongqing and Hong Kong. As the first platform of its kind in central and western China, it aims to simplify financial checks while protecting business information.

Deng Jun, a member of the Party Committee of the People's Bank of China Chongqing Branch, said companies can authorize verification through a digital process. Using hash-value comparison to generate digital fingerprints, the platform completes checks within seconds without transferring original documents between the two sides.

For businesses, this can simplify credit checks for cross-border financing and trade. Individuals can also use the platform to verify documents online, reducing the need for international document transfers and additional authentication procedures.

Deng said the branch plans to expand the number of connected institutions and explore applications in cross-border healthcare and education.

Cross-border payments using the digital yuan, China's central bank digital currency, also increased more than 17-fold in Chongqing during the first nine months of 2026.

Financial support for the real economy

Alongside cross-border financial reforms, Chongqing is directing more resources toward technology, manufacturing and smaller businesses.

A robot undergoes cashier training at Unitree Robotics' Western China Innovation and Operations Center in Dadukou District, Chongqing. (Photo/Zheng Ran)

From January to September, the local central bank branch provided more than 104.5 billion yuan in low-cost central bank funding, contributing to an increase of 428.7 billion yuan in the city's aggregate financing. New yuan-denominated loans totaled 276 billion yuan, with outstanding balances up 5.3% year on year. The average interest rate on newly issued corporate loans stood at 3.04% in September.

By the end of September, outstanding technology loans reached 921.4 billion yuan, up 15.04% year on year, while manufacturing loans totaled 452.5 billion yuan, up 11.55%.

Financial institutions are also supporting traditional industries' transition toward lower-carbon production. Chongqing has introduced 10 national transition finance standards covering steel, chemicals and building materials. Outstanding transition loans have exceeded 3 billion yuan, with annual carbon emission reductions projected to surpass 3.5 million metric tons.

By combining cross-border payment facilitation, digital financial infrastructure and targeted credit support, Chongqing aims to connect its manufacturing base and inland economy more closely with international markets.