The Bank of China, Hong Kong has announced that it has signed a “Clearing and Settlement agreement” to settle overseas trade transactions in Renminbi (RMB), with a number of commercial banks in ASEAN regions and other relevant areas.
Bank of China branches in Bangkok, Manila, Jakarta, Singapore and Malaysia will become participating banks in conducting settlements of overseas transactions with Chinese enterprises in RMB.
This will help all these branches to provide their clients with diversified services for trade settlement, such as deposit, exchange, remittance, trade finance bonds and trade financing as well as business in RMB with approvals from related regulatory.
Fibre2fashion News Desk
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