BoCHK set to secure role for Philippines renminbi clearing
Bilateral settlement gains importance in yuan internationalisation process
The People’s Bank of China appears set to name Bank of China Manila as its clearing agent for renminbi in the Philippines in the coming weeks.
The move follows Chinese president Xi Jinping’s November visit to the Philippines – the first by a Chinese head of state for 13 years – when a number of bilateral agreements were made, including one described as being on monetary co-operation between the PBoC and the Central Bank of the Philippines (BSP).
“The clearing bank is not officially appointed
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