ComBank offers transactions in Yuan
For deals with China:
The Commercial Bank of Ceylon has enabled customers to transact in
Chinese Yuan for import and export dealings with counterparts in the
People’s Republic, following the inclusion of the Renminbi (People’s
Currency) as one of the Designated Currencies in Sri Lanka by the
Central Bank.
The move, which recognises the growing importance of China as a trade
partner for Sri Lanka, will reduce conversion losses and time lapses
involved in the process of converting currencies, enhancing commercial
dealings between the two countries.
To facilitate the process, Commercial Bank has entered into an
agreement with a leading international bank with a strong presence in
China. Consequently, Commercial Bank customers can now receive
quotations, open LCs and make payments in Yuan, instead of US Dollars,
the currency previously used for dealings with businesses in China.
The option of operating in Yuan for transactions with China will be
provided through a centralised system accessible from any of the Bank’s
branches islandwide, the Bank said. “Commercial Bank’s pre-eminent
position as a provider of trade finance solutions has been further
strengthened with the introduction of this facility,” the Bank’s DGM -
International Jegan Durairatnam said. “This new offering facilitates
trade between Sri Lanka and the second largest economy in the world,
with which the island has already developed strong ties, particularly in
the sphere of infrastructure development,” he said.
The recipient of a number of international awards for excellence in
trade finance, Commercial Bank already provides facilities for customers
to operate in all designated currencies. |