Lately, Bank of China Phnom Penh Branch was approved by the central bank of Cambodia to be the clearing bank for local and cross-border RMB business, and will provide its local counterparts with comprehensive RMB clearing services, including RMB account management, local RMB interbank clearing, cross-border RMB fund transfer and remittance, clearing, liquidity assistance and interbank RMB market services, etc.
Since its establishment at the end of 2010, Phnom Penh Branch has always positioned RMB business as its strategic focus and thus achieved satisfactory results. Up to the end of 2012, the RMB deposit balance of the Branch reached RMB66 million, and the amount of cross-border RMB settlements throughout the year exceeded RMB2 billion, which has been the leading bank of RMB business in Cambodia.
As the most internationalized Chinese bank, BOC has established a global RMB clearing system covering three clearing models, and become the exclusive RMB clearing bank in Hong Kong, Macau, Taiwan and Malaysia, and the first local RMB clearing bank recognized by the government of Luxembourg, serving as a major conduit for cross-border RMB clearing business worldwide.
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