The RMB and the Philippine peso are will directly be exchanged
On the 25th, China and Japan formally signed a bilateral currency swap agreement with a scale of 200 billion Yuan / 340 billion yen. The agreement is valid for three years.
The scale of Sino-Japanese currency swaps, which expired in September 2013, has expanded tenfold.
Subsequently, at the RMB business forum held in Cambodia, the National Bank of Cambodia expressed support for the use of the RMB in the banking system. Currently, in addition to the Bank of China and the Industrial and Commercial Bank of China, there are 13 local commercial banks that are also conducting RMB business.
India is also studying plans to use the RMB and rupee settlement in bilateral trade with China. Direct exchange of RMB and Philippine pesos.
Today, on October 30, the RMB will go to the next city, and the Philippine peso will be directly exchanged. The Philippine RMB Dealers Association officially signed a contract in the capital, Manila, marking the direct exchange of the RMB and the Philippine peso.
Under the guidance and supervision of the Philippine Central Bank, the association will build a direct trading market for the RMB and the Philippine peso, realize the direct exchange of the CNY and the peso, end the history of Philippine foreign exchange transactions that must be transited through the US dollar, and will open trading in late November.
This is a solid step in the internationalization of the CNY in the Philippines.