A forum on the internationalization of Renminbi (RMB), or known as Chinese Yuan, was held here on Thursday with the participation of around 50 bankers and entrepreneurs. Speaking at the opening of the forum, Neav Chanthana, deputy governor of the National Bank of Cambodia (NBC), said the forum provided an excellent opportunity for all participants to exchange views and gain insightful information about the latest development related to the RMB internationalization.
"Since the trade between China and the globe is increasing, the need for RMB clearing and settlement is also high," she said. Cambodia in particular, she said, the use of RMB has also increased thanks to the growth of trade and investment volumes between Cambodia and China. Chen Changjiang, Chief Executive Officer of the Bank of China Phnom Penh Branch, which organized the forum, said the bank has provided RMB-related products such as account opening, deposit, lending, foreign exchange and international and domestic remittance since its establishment here in 2010.
In addition, the bank has helped some local banks to purchase overseas RMB bond and place interbank deposits, he said. "We were appreciated as the first RMB clearing bank by the NBC in 2013, since then, we have provided RMB clearing and settlement services to all local banking partners," he said."Now, our RMB business has achieved big progress, for the first six months of this year, cross border RMB remittance and settlement amounted to more than 35 billion RMB (over 5.5 billion U.S. dollars) for the Bank of China Phnom Penh Branch," he said. According to Chen, the internationalization of RMB not only helps China to be more integrated with the world, but also create more opportunities for businesses and cross-border trade and investment facilitation.
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