Cross-border renminbi settlement grew 44-fold to 220 billion yuan ($32 billion) in Northwest China's Xinjiang Uygur autonomous region since the region launched the business in 2010.

As of February, Xinjiang has conducted cross-border renminbi settlement with 86 countries and regions. Overseas banks and social organizations have opened 358 renminbi settlement accounts, according to the Urumqi branch of the People's Bank of China, the central bank.

The total amount of renminbi settlement under current accounts is 185 billion yuan while the amount under capital accounts was more than 42 billion yuan.

Analysts said the vigorous development of the cross-border renminbi settlement in Xinjiang will help more local enterprises expand abroad.