Bank of China (BOC), the country's fourth-largest bank by assets, said Tuesday its renminbi (RMB) cross-border trade settlement business had exceeded 80 billion yuan (12.02 billion U.S. dollars) by the end of October.

According to a statement released Tuesday on BOC's website, the bank's offices in China conducted more than 5,500 transactions using the RMB for settlement of cross-border trade.

BOC's RMB cross-border settlement business has been growing rapidly since the central bank expanded the trial of RMB cross-border trade settlements to 20 provinces and municipalities and autonomous regions in China and overseas markets in June.

The Chinese government first allowed the trial of RMB cross-border settlement business in July 2009.

Till now, BOC's offices in China have opened more than 230 RMB settlement accounts for overseas banks participating in this business, with clients from more than 30 countries and regions around the world now using the BOC's settlement services.