Home / Knowledge / News / Textiles / First of its kind overseas transaction executed in RMB

First of its kind overseas transaction executed in RMB

08
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


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 17th Aug 2019

EBA benefit withdrawal to hurt 4 mn Cambodians: GMAC

The Garment Manufacturers Association in Cambodia recently said the...

Pic: Infinited Fiber

Textiles | On 17th Aug 2019

Infinited Fiber receives lead investment from RGE

Singapore-based RGE Pte Ltd has joined a group of investors including ...

Pic: Macy's

Apparel/Garments | On 17th Aug 2019

Macy's net sales down to $5,546 mn in Q2 of 2019

Macy's Inc reported net sales of $5,546 million in Q2 of 2019 ending...

Interviews View All

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Matthias Eilert,

Matthias Eilert

Germany-based Forbo Movement Systems division is a global leader in...

Ronald Van Den Broek,

Ronald Van Den Broek

Headquartered in Japan, Mimaki Engineering Co. Ltd. manufactures and...

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search