x
Post
Consult
IM
留言
Feedback
Top
*标题:
*内容描述:
BuildMost Updates 2022-12-15 208 0

RMB Clearing Bank Service in Argentina Was Launched

Recently, the Argentine branch of the Industrial and Commercial Bank of China (ICBC) officially launched the "RMB Clearing Bank" service in Buenos Aires. This is good news for both Argentina and China for better economic development, saving lots of fees from using 3rd party currency.

image.png

◆ Further Information About the News:

Governor of the Central Bank of Argentina, Miguel Ángel Pesce, said that it is crucial for the economic development of Argentina now that Chinese and Argentinian enterprises and financial institutions can use yuan for cross-border transactions. It will also boost the confidence of Chinese companies who wants to invest in Argentina.

“Cross-border transactions between the two countries will be easier without having to go through a third currency, so we are very happy about that. This is very important for the domestic economic development of Argentina,” he added.

The Ministry of Commerce (MOFCOM) said China is ready to work with the Argentine side to continuously upgrade bilateral economic and trade cooperation between the two countries. China is willing to advance the Belt and Road Initiative (BRI) with Argentina and further promote practical economic and trade cooperation in various fields, especially in emerging areas such as the digital economy and green development. 

Wanzhi News reported that there are at least 28 countries across the world that can directly use RMB for international settlement. These countries mainly include Vietnam, Mongolia, Laos, Nepal, Russia, Kyrgyzstan, North Korea, Kazakhstan, South Korea, the United Kingdom, Canada, Germany, and others.

According to the People's Bank of China's 2022 RMB Internationalization Report released in September, cross-border RMB payments and receipts in the non-bank sector grew 29% from last year to a record high of RMB 36.6 trillion (US$5.1 trillion) by 2021.

image.png

Image by Kstudio on Freepik

◆ Opportunities to Grasp:

As known by everyone, China has been advancing the yuan’s internationalization steadily. One obvious advantage is that business parties from non-dollar countries can settle in RMB with significant savings over using third-party currencies. This also means, product suppliers or design service providers who offer more payment currency methods, or in other words, provide more convenience to project owners and developers, may be able to capture more business opportunities. It may be a good idea for Chinese project owners and developers to invest in Argentina or other countries to use the RMB for international settlement.

Source: 1. Global Times 2. Wanzhi News 3. CCTV Video News Agency

BuildMost is an O2O platform where you can find one-stop hotel solutions, from hospitality product and facility supply, to hotel interior design, architecture planning and schematic design, landscape design, operational advice etc.

If you have any questions or requirements, you can contact us, or click “”on the right side of this page to contact our online service.
0 0
0 Comments
Your Comment
* Email
Login to comment
Submit
RSS SUBSCRIBE!
RSS SUBSCRIBE
Copy the RSS feed url here
https://www.buildmost.com/rss/news.xml
Copy
join now for free
* Language (Spoken):
Please select all your communication languages. This can help connect you with more requirements faster.
Official Recommended Communication Languages (Based on Location/Address You Enter): Please choose your address first. Official recommended communication languages will be displayed after you have selected the address.
Other Communication Languages: You can simply select from some international common languages.
+ Add More You can add other languages that are not shown above.
Cannot be blank !

Verification Failed:

* Language (Written):
Please select all your communication languages. This can help connect you with more requirements faster.
Official Recommended Communication Languages (Based on Location/Address You Enter): Please choose your address first. Official recommended communication languages will be displayed after you have selected the address.
Other Communication Languages: You can simply select from some international common languages.
+ Add More You can add other languages that are not shown above.
Cannot be blank !

Verification Failed:

If your languages are not shown above, please contact us: service@buildmost.com