China's cross-border e-commerce booms

BEIJING -- The trade volume of China's cross-border e-commerce has reached $3.32 billion since China piloted cross-border foreign exchange payments in 2013, the State Administration of Foreign Exchange (SAFE) said on Wednesday.

China's cross-border e-commerce continues to boom, with its volume in the first five months of 2015 nearing the volume of the whole 2014, said SAFE senior official Du Peng at a press conference.

He attributed the transaction growth to government measures to encourage e-commerce, including lifting the country's overseas online single transaction limit from $10,000 to $50,000 in January.

China piloted cross-border foreign exchange payment institutions in Shanghai, Beijing, Chongqing, Zhejiang and Shenzhen in 2013 to serve growing demand for overseas online shopping.