Citi launches Chinese renminbi trade settlement in Sri Lanka
Citi?s global transaction services has launched its renminbi settlement services in Sri Lanka. As the trade volumes between Sri Lanka and China continue to grow, this solution supports Sri Lankan companies by eliminating crosscurrency exchange risks.
Developed to serve corporations involved in international trade, Citi?s renminbi settlement services enable companies to open and maintain renminbi accounts in renminbi with Citi, and make renminbi payments directly to beneficiaries. This service has been made possible by the recognition of the Chinese currency as a settlement currency by the Central Bank of Sri Lanka.
Sri Lanka is a market for Chinese goods & services, and runs a sizeable, and growing, bilateral trade. Today, China finances the majority of Sri Lanka?s largest infrastructure projects, provides credit, and is the one of the biggest investors in the country. China remains a key market for the Sri Lankan government in supporting its ongoing economic growth.
The Asset - Magazine-Citi launches RMB trade settlement in Sri Lanka
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