RMB

Terminal products revenue was RMB 14.25 billion, representing year-on-year growth of 27.1%.

This will facilitate commercial contracts to be agreed in RMB, allowing Chinese suppliers to invoice and receive settlement from UAE buyers in the local currency RMB, which enables them to avoid foreign exchange risks and costs.

Recent deregulation has further opened the Chinese market to enable an increasing number of Chinese trade partners to receive cross-border payments in their local RMB currency, in addition to their capacity to make cross border RMB payments.

-Non-GAAP1 net income attributable to X Financial shareholders in the second quarter of 2019 decreased by 0.01% to RMB 342.5million (USD 49.9 million) from RMB 342.6 million in the same period of 2018.

The company announced last October to repurchase its shares with its own capital of RMB 5 billion to RMB 10 billion, starting on 29 Apr this year and lasting for one year.

-Manila branch country head Deng Jun said the establishment of the Philippine RMB Trading Community (PRTC) among 14 of the country's biggest banks last October has made direct RMB exchanges easier for local businesses.

Earlier this year, various financial stakeholders moved to launch the PRTC in an effort to facilitate and streamline the direct conversion of the Chinese renminbi (RMB)against the Philippine peso.