Posted Date: 31/10/2018
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Philippines RMB and Philippine peso will be converted directly

Philippines: RMB and Philippine peso will be converted directly

(Original title: Philippines : RMB and Philippine peso will be directly converted)

On October 30th, the Philippine RMB Dealers Association officially signed a contract in the capital Manila, which indicates that the RMB and Philippine pesos will be directly convertible.

The Philippine RMB Dealers Association is the first self-regulatory financial organization outside the PRC to trade local currency against the local currency. Under the guidance and supervision of the Philippine Central Bank, the Association will build a direct trading market for the renminbi and the Philippine peso, realize the direct exchange of the renminbi and the peso, and end the history of Philippine foreign exchange transactions that must be transited through the US dollar. This is a solid step in the internationalization of the renminbi in the Philippines.

The renminbi-Philippine peso market managed by the association is expected to open in late November this year. After the direct exchange of RMB and peso, the trade and investment between China and the Philippines can be directly used for renminbi pricing and trading, reducing the transaction cost of foreign exchange and the cost of foreign exchange preservation. The final customer does not have to worry about the exchange rate fluctuation of the US dollar. The process is simpler and less expensive.

The association will apply to the People's Bank of China for the establishment of the Philippine RMB clearing bank through the Central Bank of the Philippines. If the clearing bank is established, the local bank in the Philippines can enter the RMB market in China through this clearing bank, which will help increase the liquidity of the renminbi in the Philippines and allow the majority of Philippine industrial and commercial enterprises and individual customers to invest in China-Philippines trade. Enjoy more favorable prices and faster clearing and settlement services.

The Philippine RMB Dealers Association was initiated by the Bank of China Manila Branch and consists of 13 local mainstream banks in the Philippines.

Philippines RMB and Philippine peso will be directly converted


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