BoA Merrill adds renminbi settlement in 12 markets
Bank of America Merrill Lynch has added renminbi trade settlement capabilities in 12 Asian markets, joining many of its peers who launched similar services last year. In a statement, the bank said that by joining Hong Kong's renminbi CHATS real-time gross settlement system it can offer customers the service in Asean countries, Hong Kong and Macau.
Pricing goods in renminbi creates transparency and reduces foreign exchange risk not only for Chinese enterprises, but also for offshore companies that are both buying and selling with China, said Ivo Distelbrink, Asia head of global treasury services at BoA Merrill.
The People's Bank of China...
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