Phnom Penh (FN), Nov. 26 – On November 22, the opening ceremony of RMB Clearing Bank in Cambodia was officially held by Bank of China in Phnom Penh, Cambodia. Rath Sovannorak, Deputy Governor of the National Bank of Cambodia, Zhong Jie, Commercial Counselor from Chinese Embassy in Cambodia, and Lin Jingzhen, Executive Vice President of Bank of China, attended the ceremony and delivered speeches. Zhou Yongkun, Deputy Director of the Macroprudential Management Bureau of the People’s Bank of China delivered a video speech.

More than 160 representatives from Cambodian financial institutions, Chinese and Cambodian enterprises, and the Royal Academy of Cambodia attended the event.

At the opening ceremony, Bank of China held a bilateral monetary cooperation forum, in which enterprises and financial institutions from both China and Cambodia conducted in-depth exchanges on promoting the use of bilateral local currencies. Bank of China Phnom Penh Branch signed RMB service cooperation agreements with Canadia Bank Plc. and ABA Bank respectively.

Bank of China Phnom Penh Branch, established in 2010, was the first Chinese bank to establish a presence in Cambodia. Over the past decade, the branch has actively been serving bilateral trade and local economic development, acting as the main service provider for cross-border RMB business. The branch has pioneered a number of RMB products and maintained its leading position in RMB clearing volume in Cambodia.

The opening of the RMB clearing bank in Cambodia will enable customers in both countries to enjoy a comprehensive range of financial services, covering RMB clearing and settlement, liquidity management, investment and financing support, direct currency exchange transactions, and QR code payment services. It will further facilitate the use of local currencies in bilateral trade in investment and trade, enhance China-Cambodia economic and trade relations, and contribute to the building of the China-Cambodia community with a shared future in this new era.

As China’s most globalised bank, Bank of China has institutions in 64 countries and regions, with 15 of them served as local RMB clearing banks. Bank of China’s cross-border RMB clearing volume has reached 1,000 trillion in the first three quarters of 2024 and it maintains its global leadership position worldwide.
=FRESH NEWS