Core Insights - Jiangsu's cross-border RMB business has experienced significant growth, with total revenue and expenditure increasing from 0.95 trillion yuan to 2.8 trillion yuan from 2020 to 2024 [1] - The proportion of cross-border settlements in local currency has also risen from 17.1% to 32.6% during the same period [1] Group 1 - The People's Bank of China Jiangsu Branch is actively promoting local banks' direct access to the Cross-border Interbank Payment System (CIPS), enhancing transparency and convenience in cross-border clearing [1] - The establishment of a unified bank settlement account system for both domestic and foreign currencies in Jiangsu's free trade zone has further improved trade facilitation [1] Group 2 - Nanjing Bank has signed a cross-border RMB agency settlement service agreement with Morocco's African Bank, marking a milestone since its approval as a direct participant in CIPS [2] - The collaboration aims to enhance cross-border cooperation and provide integrated financial services to support domestic enterprises expanding into Africa [2] - The Jiangsu Branch of the People's Bank of China plans to support more local banks in joining CIPS as direct participants to improve cross-border clearing efficiency [2]