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First of its kind overseas transaction executed in RMB
Jul '09
The Bank of China, yesterday executed the first of its kind, overseas transaction in RMB instead of the US dollar as was the norm, for the last many years. This is a trendsetter path for China, since this transaction challenges the hegemony of the dollar.

The, Guangdong Branch of the Bank of China, executed the first RMB clearing business of cross-border trade totaling to 6.93 million Yuan, on behalf of Guangdong Silk Textile Group Co., Ltd.

The industry believes that this means that with this transaction, the settlement of overseas dealings in RMB clearing has officially kicked off and is expected to help exporters avoid exchange rate risks as well as reduce transaction costs.

The export-import trade volume between Guangdong Province and Hong Kong region accounts for nearly 70 percent of Hong Kong's total foreign trade volume with China and is expected to help businesses from both sides to settle transactions in RMB.

Fibre2fashion News Desk - China

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