Bank of China Manila established as RMB Clearing Bank in Philippines – World

MANILA, Jan. 16 (Xinhua) — The Bank of China Manila has been officially established as the renminbi (RMB) Clearing Bank of the Philippines in a ceremonial launch held here on Saturday. The Philippines is one of the fastest-growing RMB markets in Southeast Asia. The total volume of RMB cleared in 2020 was 447 billion yuan, a 134 percent increase compared to 2019’s total of 191 billion yuan. “We’ve seen tourists, traders, and investors grow more confident in using the currency in the local market,” said Deng Jun, country head at the Bank of China Manila Branch. “As we work towards…