KUNMING — The cumulative cross-border renminbi settlement in Southwest China's Yunnan province has reached nearly 608 billion yuan (about $93.8 billion) as of March, according to a local branch of the country's central bank.

In the first quarter of this year, the total cross-border renminbi settlement in Yunnan reached 19.4 billion yuan, up 51.56 percent year-on-year, the Kunming branch of the People's Bank of China said on April 26.

Of the total amount, the cross-border renminbi settlement under current accounts exceeded 11.5 billion yuan, up 14.38 percent year-on-year, mainly due to the increase in trade settlement with Vietnam and other countries.

The settlement under capital accounts reached nearly 7.9 billion yuan, soaring 188.76 percent year-on-year, mainly due to the substantial increase in cross-border investment and financing by enterprises.

Yunnan has established cross-border renminbi business with 106 countries and regions, including 40 along the Belt and Road.