Which domestic bank's personal account can receive overseas RMB remittance? Are there any restrictions? Or do you need to go through any formalities?

Yes, personal bank accounts opened in China can accept remittances from foreign companies. With the introduction of various policies on cross-border RMB business, the scale of cross-border RMB business has been expanding, and RMB has become the second largest cross-border payment currency in China, the fourth largest payment currency in the world and the second largest trade financing currency.

The demand for RMB cross-border payment and settlement is growing rapidly, and the requirements for financial infrastructure are getting higher and higher. In order to meet the demand of RMB cross-border use, we will further integrate the existing RMB cross-border payment and settlement channels and resources to improve the efficiency of RMB cross-border payment and settlement.

It is imperative to build an independent RMB cross-border payment system and improve the RMB global clearing service system. The establishment of CIPS not only meets the market demand, but also further promotes the global use of RMB, paving the way for it to become a real global currency.

Extended Information The existing RMB cross-border clearing modes mainly include clearing bank mode and correspondent bank mode. Under the clearing bank mode, Hong Kong and Macao clearing banks directly access the large-value payment system, and other clearing banks access the large-value payment system through the head office or the parent bank. All clearing banks rely on the large payment system to complete cross-border and offshore RMB clearing services.

Under the correspondent bank model, domestic correspondent banks directly access the large-value payment system, and overseas participating banks can open RMB interbank accounts with domestic correspondent banks for cross-border and offshore RMB fund settlement.

Baidu Encyclopedia-RMB Cross-border Payment System