Bank of China has recently held the forumon "Internationalization of China's Economy and RMB" in Tokyo to promote the development of its RMB business in Japan, and boost economic and trade association between the two countries. BOC Executive Vice President Chen Siqing was present and signed a comprehensive cooperation agreement with three Japanese financial institutions: Sumitomo Mitsui Trust Bank, Hyakujushi Bank and Okazaki Shinkin Bank. More than 100 representatives of over 60 Japanese financial institutions and enterprises attended the forum.
RMB business has shown its huge potential in Japan in recent years. The amount of RMB settlement in Japan's export trade to Asia has doubled this year compared to 2012, taking on a trend of accelerated growth.
Bank of China Tokyo Branch has kept intensifying cooperation with Japanese financial institutions in providing professional and considerate RMB products and services according to customer demands. The branch had opened RMB accounts for over 30 Japanese financial institutions, covering Japan's three economic circles--Kanto, Kansai and Kyushu by November 2013, and has been reaching out in depth in these regions.
Founded in 1986, BOC Tokyo Branch ranks 10th in assets and 3rd in after-tax profit among foreign banks in Japan.
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