China's cross-border RMB settlement exceeds 4.8 trln yuan

China's central bank announced Monday that the country's cross-border RMB settlement has exceeded 4.8 trillion yuan (781.31 billion U.S. dollars) by the end of September this year.

The People's Bank of China (PBOC) announced on its website that the 4.8-trillion-yuan settlement helped RMB become China's second largest cross-border payment currency.

"Reform and opening-up boosts the RMB settlement businesses," the PBOC's vice governor Hu Xiaolian said. "RMB's internationalization contributes a lot to global financial market."

The pilot cross-border RMB settlement was approved by the State Council in July 2009, which stood at only 3.58 billion yuan by the year end, according to the PBOC.