Increase in RMB clearing banks
On December 11, 2023, the Industrial and Commercial Bank of China Kazakhstan Renminbi Clearing Bank opened in Almaty, Kazakhstan.
As an important financial infrastructure, the Industrial and Commercial Bank of China's Kazakhstan Renminbi Clearing Bank will be based in Kazakhstan and radiate to Central Asia, fully leveraging functions such as fund lending, bond issuance, securities investment, agency trading, and financial market trading, to build beneficial channels for central bank institutions, banking institutions, asset management companies, sovereign funds, and other Central Asian market entities to participate in the Chinese market and share the dividends of China's opening up, and to enhance the well-being of the people of both countries.
Industrial and Commercial Bank of China attaches great importance to the Kazakhstan market and is the first Chinese bank to settle in Kazakhstan. Currently, it has become the main force of Chinese banks in the Central Asian market. As the only RMB clearing bank in Kazakhstan and the largest RMB Tenge market maker on the Kazakhstan Stock Exchange, ICBC Almaty continues to provide financial support for high-level economic and trade cooperation between the two countries.
China's central bank announced on Monday that it has authorized the Bank of China (BOC) Phnom Penh Branch to be the clearing bank for renminbi (RMB) business in Cambodia.
The People's Bank of China (PBOC), the central bank, made the decision in accordance with a memorandum of understanding it signed with the National Bank of Cambodia on Nov. 21 this year.
The PBOC also said Monday that it has signed a memorandum of understanding on establishing yuan clearing arrangements in Serbia.
The move will help enterprises and financial institutions of the two countries to use yuan for cross-border transactions and further promote bilateral trade and investment facilitation, it added.
First, please LoginComment After ~