The Settlement Order is an anecdotal term. Its official name is the Notice on Supporting New Forms of Foreign Trade. It was issued on June 20, 2022, and took effect on July 21, 2022.
The main contents of the notice are as follows: 1. Increase support for new forms of foreign trade and improve policies related to cross-border RMB business in new forms of foreign trade such as cross-border e-commerce; 2.
2. Expand the cross-border business scope of payment institutions from trade in goods and services to all current accounts;
Iii. Clarifying the exhibition and filing requirements of banks, payment institutions and other relevant business subjects;
Iv. Clarify the requirements of business authenticity audit, anti-money laundering, anti-terrorist financing, anti-tax evasion and data submission, and consolidate the responsibilities of banks and payment institutions to prevent and control business risks.