China's central bank has ramped up support for renminbi settlement in e-commerce and other new models of foreign trade to better facilitate trade and investment in a circular published on Monday.

Effective on July 21, the business scope of payment institutions will be expanded from goods and services trade to current accounts, and risk prevention and control will be strengthened with clear requirements for authenticity verification and anti-money laundering work, among other issues, according to the People's Bank of China (PBOC).

Apart from e-commerce, new forms and models of foreign trade also include market procurement, offshore trade, and overseas warehouses. China has stepped up efforts to boost the growth of these new forms and models of foreign trade to push forward the upgrade of foreign trade and foster new competitive strengths.

The business volume of cross-border payments of the renminbi grew rapidly in 2021. The total value of the transactions stood at 79.60 trillion yuan ($12.53 trillion) last year, surging 75.83 percent year on year, data from the PBOC showed.

(With input from Xinhua)