The Chongqing branch of State Administration of Foreign Exchange announced on Oct 23 that the China Citic Bank has put its international business center into trial operation in Chongqing.

The center is part of Chongqing's efforts to deepen reforms on financing and foreign exchange in recent years.

Located at Liangjiang New Area's Jiangbeizui Central Business District (CBD), the business center is expected to be officially operational by the end of this year. The center will provide comprehensive services of cross-border settlement and financing.

Spectacular night view of Jiangbeizui Central Business District (CBD) in Liangjiang New Area of Chongqing. [Photo by Ping Fan/liangjiang.gov.cn]

The rapid development of the electronic information industry in the city paved way to build the offshore financial balance center.

Chongqing is expected to realize its cross-border e-commerce settlement of 20 billion yuan ($3.1 billion) and offshore financial settlement of $600 billion.

According to Chongqing Administration Department of Foreign Exchange, the development of cross-border financial settlement has lured more and more domestic and foreign companies to set up headquarters and settlement offices in the city.

A batch of banks including China Construction Bank, Agricultural Bank of China, Ping An Bank and China CITIC Bank has established their functional headquarters of offshore business and cross-border settlement in Chongqing.

A batch of banks has established their functional headquarters of offshore business and cross-border settlement in Chongqing. [Photo by Li Ming/liangjiang.gov.cn]