The People’s Bank of China has recently signed a memorandum of cooperation with the Central Bank of Sri Lanka to establish renminbi clearing arrangements in Sri Lanka, said a statement released by China’s central bank on Wednesday.
The establishment of renminbi clearing arrangements will facilitate the use of the Chinese renminbi in cross-border transactions by enterprises and financial institutions from both countries, it said, adding the move will further promote bilateral trade and investment.
Tanks to chinadaily.com.cn
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