FOREIGN EXCHANGE | Cesar Tordesillas, China

BOC cross-border RMB settlement exceeds $24B

BOC's domestic branches' transaction volume exceeded RMB 160 billion or US$24 billion in 2010. This is an increase of over 100 times than that of 2009. It continued to maintain the market-leading position.


Overseas RMB services are flourishing. Bank of China Hong Kong under the Bank of China Limited, gives full play to its advantage of being the unique RMB clearing bank in Hong Kong, realizing a leapfrog development in its RMB services. In 2010, Bank of China

Hong Kong, as the participating bank and the clearing bank, handled a transaction volume of RMB 350 billion, and the market share of the RMB settlement in cross-border trade and RMB deposits remained the market-leading position. In 2009 Jakarta branch handled China’s first transaction of overseas RMB financing, and since then on, other overseas branches of Bank of China have actively promoted this business and made a break-through.

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