A cross-border renminbi direct investment business with an investment volume of 43 million yuan ($6.45 million) recently settled in the Harbin area of China Heilongjiang Pilot Free Trade Zone.

It was the first business of its kind handled by Harbin Bank's Russia settlement service center since its establishment.

The settlement center promptly formulated exclusive service plans for the business, opened up a green channel to simplify procedures and sped up processing. The center took these steps after learning that the Chinese shareholders of Heilongjiang Huida Tech Development Co have a need for cross-border equity transfer and that the foreign investor, as the equity transferee, will provide capital to the enterprise in the form of renminbi.

The cross-border settlement business in renminbi was finished in only one day, providing convenience for the enterprises and helping optimize the business environment in the Harbin FTZ.

In recent years, Harbin Bank has continued to innovate its financial services. It implemented the first NRA account settlement business in the Harbin FTZ and took the lead in launching special financial services in Russia. 

It was also successfully approved as a direct participant of the renminbi cross-border payment system (CIPS).

In the future, Harbin Bank will continue to leverage its advantages in financial services to Russia and provide enterprises in Harbin FTZ with more professional and convenient financial services.