11th January 2012, www.news360.lk
Citi’s global transaction services has launched its renminbi settlement services in Sri Lanka, said a Media report.
The latest move of the Citi comes as the trade volume between Sri Lanka and China continue to grow.
The report says this solution will help Sri Lankan firms by eliminating cross currency exchange risks.
The new Service is aimed at enabling companies to open and maintain renminbi accounts in renminbi with Citi, and make renminbi payments directly to the beneficiaries.
The service by Citi in Sri Lanka follows after the country recognized the Chinese currency as a settlement currency.
Trade between Sri Lanka and China is growing as the Asian giants influence and engagement in the Island is growing.
China has already financed or in the process of financing key infrastructure development projects in Sri Lanka including financing the Hambantota Port.
Related Info :
• Sri Lanka, Mongolia & Iraq to Lead Growth States of 2050, 3G Index of Global Growth Generators of Citibank Chief Economis