Bank of China Grabs Approval to Serve as Renminbi Clearance Bank in Philippines
Bank of China (BOC) has obtained approval to serve as a renminbi clearance bank in the Philippines.
The Chinese central bank issued a public announcement on 17 September authorising the Manila branch of BOC to serve as the Philippines renminbi clearance bank.
BOC already serves as a renminbi clearance bank in Hong Kong, Macau and Taiwan, as well as in Austria, France, Germany, Hungary, Japan, Malaysia, , South Africa, the United States and Zambia.
BOC has sought to expand the usage of the renminbi in the Philippines with the issuance of its first renminbi-peso dual denomination debit card, as well as the provision of help to the Philippines government to issue panda bonds twice on China’s interbank market with a total value of USD$3.96 billion