The Commercial Bank of Ceylon has offered trading options in Chinese Yuan (currency) for import and export dealings with counterparts in China after it was declared a designated currency by the Central Bank.
This will reduce conversion losses and time lapses involved in the process of converting currencies, enhancing commercial dealings between the two countries, the bank said.
To facilitate the process, the Commercial Bank has entered into an agreement with a leading international bank with a strong presence in China.
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, it said. |
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