Sunday, 10 July 2011

Sri Lanka includes Chinese currency in banking deals

Sri Lanka includes Chinese currency in banking deals

R. K. Radhakrishnan

COLOMBO: The Sri Lankan Central Bank Monetary Board has announced that Chinese Renminbi (people's currency; primary unit is Yuan), will be included in the list of designated currencies permitted for international transactions through banks in Sri Lanka in terms of the provisions of the Banking Act.

This means that people can now transact in Renminbi with banks authorised for such transactions. The other currencies in the designated list are Australian dollar, Canadian dollar, Danish kroner, Euro, Hong Kong dollar, Japanese yen, New Zealand dollar, Norwegian kroner, British pound sterling, Singapore dollar, Swedish kroner, Swiss franc and U.S. dollar.

The Monetary Board, in its meeting on June 27, reasoned that China was a leading player in international trade, investments, and foreign reserves which enjoyed extensive economic connections with many countries. Because of this, the Renminbi has been gradually evolving as a globally acceptable currency.

Since Sri Lanka too has a growing volume of trade and investment transactions with China, the use of the Chinese currency, Renminbi, in banking transactions would significantly facilitate such trade and investments, it said in a statement.

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