RMB $80 billion in cross-border renminbi settlement in BOC
KeywordsCross-border BOC RMB
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Four months after the pilot expansion of the Cross-border renminbi settlement business, Bank of China (601988) has a high innovation in Cross-border renminbi settlement business and the market share ranks first in the industry. By the end of October 2010, the Bank of China has more than 1000 customers for more than 5,500 cross-border renminbi settlement business, the business amount of more than 80 billion yuan. Among them, Shenzhen, Guangdong, Beijing and other branches of the business volume have exceeded tens of billions of dollars. In overseas banking, BOC Hong Kong continues to play the sole advantage of the local clearing bank, as a clearing house and acting as the agent to handle the business of nearly million, the amount of more than 170 billion yuan. At present, BOC's domestic and foreign agencies have opened RMB agency clearing account for overseas participating bank for more than 230, and have preliminarily constructed RMB clearing network covering the whole world, and handled a variety of cross-border renminbi settlement business for customers in Asia, Africa, Europe, America, Oceania and more than 30 countries and regions.
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