Philippines: RMB and Philippines Peso will realize direct exchange

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 Philippines: RMB and Philippines Peso will realize direct exchange


The Philippine Association of Renminbi Traders is the first self-disciplined financial organization outside China dealing with local currencies. Under the guidance and supervision of the Philippine Central Bank, the Association will build a direct exchange market between the RMB and the Philippine peso, realize the direct exchange of the RMB and the peso, and end the history of foreign exchange transactions in the Philippines which must pass through the U.S. dollar. This is a solid step in the internationalization of RMB in Philippines.

The association manages RMB to Philippines Peso trading market and expects to open trading in late November this year. After the direct exchange of RMB and peso, the trade and investment between China and Philippines can be directly valued and traded in Renminbi, which reduces the transaction cost and the cost of foreign exchange preservation. Through the Central Bank of the Philippines, the association will apply to the Peoples Bank of China for the establishment of a RMB clearing bank in the Philippines. If a clearing bank is established, the local bank of the Philippines can enter the RMB market in China through the clearing bank, which will help to increase the liquidity of the RMB in the Philippines, and enable the vast number of Philippine industrial and commercial enterprises and individual customers to enjoy more favorable prices, faster liquidation and investment exchanges between China and the Philippines. Settlement services. The Philippine Association of Renminbi Traders is sponsored by the Manila Branch of the Bank of China and consists of 13 mainstream local banks in the Philippines. Source: CCTV news network editor: Gu Ying _NN6577

The association manages RMB to Philippines Peso trading market and expects to open trading in late November this year. After the direct exchange of RMB and peso, the trade and investment between China and Philippines can be directly valued and traded in Renminbi, which reduces the transaction cost and the cost of foreign exchange preservation.

Through the Central Bank of the Philippines, the association will apply to the Peoples Bank of China for the establishment of a RMB clearing bank in the Philippines. If a clearing bank is established, the local bank of the Philippines can enter the RMB market in China through the clearing bank, which will help to increase the liquidity of the RMB in the Philippines, and enable the vast number of Philippine industrial and commercial enterprises and individual customers to enjoy more favorable prices, faster liquidation and investment exchanges between China and the Philippines. Settlement services.

The Philippine Association of Renminbi Traders is sponsored by the Manila Branch of the Bank of China and consists of 13 mainstream local banks in the Philippines.