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Bank of China authorized for RMB clearing business in Kuala Lumpur

Updated: Jan 5,2015 8:37 PM     Xinhua

BEIJING — Bank of China, a major Chinese state-owned bank, has been authorized to conduct RMB clearing business in Kuala Lumpur, Malaysia, China’s central bank said on Dec 5.

The authorization came after a mutual cooperation memorandum was reached between the two nations’ central banks, said the People’s Bank of China, China’s central bank.

RMB clearing business in overseas markets has become a major tool in promoting globalization of the RMB, the Chinese currency. So far, such business has been established in China’s Hong Kong and Macao, as well as foreign cities including Singapore, London, Frankfurt, Seoul, Paris, Luxembourg, Doha, Toronto and Sydney, according to the central bank.

Bank of China, which leads in RMB clearing business in overseas markets, said that its cross-border RMB clearing transactions totaled 214.6 trillion yuan ($35 trillion) during the Jan-Nov period in 2014, up 88.2 percent year on year.