Bank of China Manila Branch recently signed the RMB Business Cooperation Agreement with the Philippine Bank of Communications (PBCom) to develop partnership in RMB cash, foreign exchange trading, cross-border trade settlement and so on. As a leading bank in the Philippines, Bank of China Manila Branch has been actively seeking correspondent banks to promote the RMB business cooperation with the latter, thus maintaining the leading position in this field of the local financial market.
Since 2009, the branch has been expediting the RMB business with completion of the first RMB remittance for individual customers, the first RMB business with the local participating banks, the first RMB transfer and remittance through the local correspondent bank and the first cross-border trade RMB settlement. Currently, the branch can provide a series of RMB products and services such as RMB deposits, foreign exchange, RMB business trade, remittance, trade settlement and loans.
By the end of April 2011, Bank of China Manila Branch had signed an RMB business cooperation agreement with 14 large commercial banks in the Philippines including Metrobank, BDO, RCBC and BPI, with total RMB transaction amount of RMB 2.3 billion.
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