Many exporters face this common issue: you’ve signed an export contract with an overseas client priced in US dollars, but your customer lacks USD liquidity and wants to settle in Chinese Yuan (RMB) instead.
The good news: Yes, you can accept RMB smoothly!
Key Rules from Foreign Exchange Administration
The core principles are:
- Who exports, collects the foreign exchange
- Payment amount must match the contract value
There is no strict restriction on the currency used for settlement.
Cross-border RMB can be treated as a special form of foreign exchange. It can be converted into USD at the applicable exchange rate, and as long as the total amount matches your export contract, the payment can be properly recorded.
How It Works for You
- Banking: You only need a regular corporate RMB settlement account. Simply inform your bank of the currency mismatch reason, and the funds can be received normally.
- Taxation: Declare and pay taxes as you would for standard export income.
In short: accepting cross-border RMB for your USD-denominated export trade is compliant, practical, and widely supported — a flexible solution when your overseas partners face USD shortages.
