LUMAGDA ang Bank of China Manila ng kasunduan sa 13 Philippine banks upang lumikha ng isang peso-renminbi trading facility sa bansa.
Layunin ng kasunduan na mapadali at maging mura ang pagsasagawa ng transaksiyon gamit ang Chinese currency.
“The Philippine RMB Trading Community will likely lead to increased direct trade between Chinese and Philippine businesses because there will be no need to first exchange Philippine pesos to US dollars for conversion to Chinese RMB,” pahayag ni Bank of China Manila’s country head Deng Jun.
Ayon kay Finance Secretary Carlos Dominguez III, ang Philippine Renminbi Trading Community ay makatutulong upang mabawasan ang ‘frictions’ para sa direct trade, investment at tourism.
“With invoices using yuan, firms could save up to 3 percent of the transaction value. Establishing a similar platform for the Japanese yen is the next step,” pahayag ni Dominguez sa signing ceremony.
“We are now taking the first steps toward building the mechanism for the direct conversion of our currencies. The volume of business between our two economies justifies establishing this,” sabi pa niya.
“The banks participating in this memorandum of agreement will set in motion the process of setting up a self-regulating organization that will oversee a transparent currency trading platform … We anticipate a significant reduction in the cost of doing business across our two economies as a result of this.”
Sinabi naman ni Banker’s Association of the Philippines president Nestor Tan na umaasa silang makatutulong ito upang lumakas ang financial trade sa pagitan ng Filipinas at ng China.
Noong October 2016 ay isinama ng Bangko Sentral ng Pilipinas ang yuan sa international reserves nito na dominado ng US dollar.
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