What is the relationship between RMB cross-border settlement and RMB free convertibility?

Different themes. Cross-border settlement is the foundation and free exchange is the goal.

Cross-border RMB settlement is mainly inter-bank settlement, and free convertibility is freely convertible within the capital system as needed.

The ultimate goal of China's foreign exchange system reform is to realize the free convertibility of RMB.

Cross-border RMB settlement is an international settlement method provided by commercial banks for import and export enterprises with RMB as the settlement currency within the policy scope stipulated by the central bank.

The RMB is freely convertible, that is, it can be freely convertible under both current account and capital account.

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