Bank of China Named Sri Lanka’s Official RMB Clearing Bank

COLOMBO (News 1st); Sri Lanka has taken a step towards strengthening financial and trade relations with China following the appointment of the Bank of China as the country's official Renminbi (RMB) Clearing Bank, a move expected to facilitate cross-border trade, investment and financial transactions between the two nations.

The Ministry of Finance announced that the People's Bank of China has designated the Bank of China as the RMB Clearing Bank in Sri Lanka.

The ministry said the appointment is expected to enhance the efficiency of RMB-denominated transactions, support trade and investment flows, and further deepen financial connectivity between Sri Lanka and China. The arrangement is also expected to provide greater convenience for businesses and financial institutions engaged in transactions involving the Chinese currency.

The ministry noted that the development reflects growing economic ties between Colombo and Beijing and is expected to facilitate smoother settlement of trade payments, improve access to financial services involving the RMB, and support broader cooperation in commerce and investment.