COMBank offers transactions in Yuan for deals with China

Friday, 7 October 2011 00:44 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon has enabled customers to transact in Chinese Yuan for import and export dealings with counterparts in the People’s Republic, following the inclusion of the ‘Renminbi’ (People’s Currency) as one of the Designated Currencies in Sri Lanka by the Central Bank.

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.

To facilitate the process, the Commercial Bank has entered into an agreement with a leading international bank with a strong presence in China.

Consequently, Commercial Bank customers can now receive quotations, open LCs 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’s pre-eminent position as a provider of trade finance solutions has been further strengthened with the introduction of this facility,” the Bank’s DGM – International Jegan Durairatnam said. “This new offering facilitates trade between Sri Lanka and the second largest economy in the world, with which the island has already developed strong ties, particularly in the sphere of infrastructure development.

The recipient of a number of international awards for excellence in trade finance, Commercial Bank already provides facilities for customers to operate in all designated currencies.

Commercial Bank is a leading provider of trade finance in Sri Lanka especially for agricultural exports such as tea, rubber and coconut and has a substantial market share in the exports segment. The Bank also provides trade finance to a significant segment of the import market.

The only Sri Lankan Bank to be listed among the top 1000 Banks in the world, the Commercial Bank’s network in Sri Lanka comprises of 203 online and real time linked branches, service points and supermarket banking counters and 448 automated teller machines. The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 13 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.