Oct 06, 2011 (LBO) – Sri Lanka’s Commercial Bank has enabled customers to transact in Chinese Yuan for import and export dealings with counterparts in the People’s Republic of China. “The move, which recognises the growing importance of China as a trade partner for Sri Lanka, will reduce conversion losses and time lapses involved in the process of converting currencies, enhancing commercial dealings between the two countries,” a statement said.
It follows the inclusion of the ˜Renminbi’ as one of the designated currencies in Sri Lanka by the Central Bank.
“To facilitate the process, the Commercial Bank has entered into an agreement with a leading international bank with a strong presence in China,” the statement said.
Commercial Bank customers can now receive quotations, open Letters of Credit and make payments in Yuan, instead of US dollars, the currency previously used for dealings with businesses in China.
The option of operating in Yuan for transactions with China will be provided through a centralised system accessible from any of the bank’s branches islandwide, the bank said.
Commercial Bank deputy general manager international Jegan Dura