Bank of China held the unveiling ceremony for the RMB clearing bank in Sri Lanka in Colombo on Oct 15 (local time).

Senior officials attending and addressing the ceremony included Anil Jayantha Fernando, minister of labour and deputy minister of finance and planning of Sri Lanka, K.G.P. Sirikumara, deputy governor of the Central Bank of Sri Lanka, Wei Huaxiang, Chinese ambassador to Sri Lanka, and Zhang Hui, president of BOC. The event drew more than 200 representatives from Sri Lankan government departments as well as enterprises and financial institutions of both countries. 

Zhang Hui noted that China and Sri Lanka enjoy a friendship of long standing and have achieved fruitful results in economic and trade cooperation. As the only Chinese financial institution operating in Sri Lanka, BOC has witnessed and participated in the deepening of cooperation between the two countries. With the support of both countries' central banks, BOC Colombo Branch has been designated the RMB clearing bank in Sri Lanka, which will further facilitate the use of the renminbi in bilateral trade and investment and elevate bilateral economic and trade cooperation to a new level. BOC will continue to strengthen Sri Lanka's RMB infrastructure and improve cross-border clearing efficiency and the quality and efficiency of RMB services, building a solid bridge for economic and commercial exchanges between the two countries. It will strengthen its local market presence, focus on priority sectors, and work with local institutions as a financial partner serving the development of the real economy. BOC will support the development of the Colombo International Financial Centre, help spur development in neighboring parts of South Asia, and actively serve as a "Silk Road envoy" for coordinated regional development. 

Established in 2018, BOC Colombo Branch has long been committed to serving bilateral economic and trade exchanges and local economic development. It has supported flagship Belt and Road projects including Port City Colombo and Hambantota International Port, served as the main channel for cross-border RMB services, and actively advanced the development of the RMB market in Sri Lanka. To date, BOC has served as an RMB clearing bank in 19 countries and regions. Going forward, it will continue to leverage its global network and integrated service capabilities, fully discharge its responsibilities as an RMB clearing bank, provide market participants with higher-quality and more comprehensive RMB services, and better serve the broader interests of bilateral economic and trade cooperation.