Banks push for more trade in yuan

With trade between Cambodia and China steadily growing, banking sector players have put out a call to increase facilities for businesses using Chinese currency to pay for imports and exports.

Speaking at a workshop organised by the Bank of China, Chen Chang Jiang, CEO at the Bank of China in Phnom Penh, said the use of the yuan in business transactions had progressed steadily since the bank was appointed by the National Bank of Cambodia (NBC) to be a clearing bank for local and cross-border yuan transactions.

“The internationalisation of the yuan will not only help China increasingly integrate with the world, but can provide more channels for cross-border investments, trade and financial dealing,” Chen said.

read more: http://www.phnompenhpost.com/business/banks-push-more-trade-yuan