The People's Bank of China had on 6 July 2009 announced the commencement of cross-border trade transactions in Renminbi (RMB). Public Bank is now the only local bank who can offer RMB trade settlement services.
The salient point of the RMB cross-border trade transactions program are:
- import and export of goods between China and Malaysia can be settled in RMB. Currently, trade transactions with China are generally settled in USD.
- the initial cities participating in the RMB trade settlements are Shanghai, Guangzhou, Dongguan, Zhuhai and Shenzhen.
- only designated and eligible enterprises domiciled in the above cities in China are allowed to settle their cross-border trade transactions for both import and export in RMB
Click here for the List of Eligible Enterprises
The types of trade settlement that can be settled in RMB are:
- Open Account Trade
- Documentary Collections
- Letters of Credit
- Bank Guarantee
For any enquiries, please call our Toll Free Line Number: 1-800-22-9999 or visit any Public Bank branch for more information or advice.
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