Beijing (CNS) -- The Bank of China (BOC) announced on December 9 it would open up a cross-border renminbi settlement account for Chinatrust Commercial Bank, the first case of this kind of cooperation between a Taiwanese and mainland bank.
The move was motivated by the rising volume of cross-strait exchanges and helps corporations avoid currency risks, said Chen Siqing, executive vice president at the BOC.
During the two-year pilot of its cross-border yuan settlement services, BOC's settlements have led other Chinese commercial banks, totaling 1.5 trillion yuan (2,359 billion USD). The first 10 months of 2011 saw BOC's cross-border RMB settlements exceed 30 percent of all the settlement service business of all mainland banks, with client coverage reaching more than 100 countries and regions. So far, BOC has opened up more than 500 cross-border RMB clearing accounts in Asian, European, American, Oceanian and African states.
