MARUHAN Japan Bank will be the next to join a
growing list of Cambodian banks that provide cross-border remittance in Chinese
yuan.
The
move by the Japanese-owned bank is part of a greater push to promote trade with
China throughout the region, according to a statement from Maruhan.
“This
trade agreement will not only contribute to people doing business with China in
Cambodia, but also all people in the ASEAN countries due to Maruhan’s expansion
to Laos, Myanmar and Singapore,” the bank’s marketing depatment said.
Union
Commercial Bank, ANZ Royal Bank and Cambodian Public Bank also planned to offer
the services this year, the Post reported.
“We’ve
had discussions with banks and we know there are more transactions with Chinese
counterparts … Banks might feel the need to offer the service as business
increases with China,” National Bank of Cambodia (NBC) spokeswoman and director
general Nguon Sokha said.
China
invested some US$1.19 billion in Cambodia last year, a 71 per cent increase on
the year before, according to government data.
Although
the NBC has seen an increase in yuan remittance, transactions in US dollars
still dominate the Cambodian banking sector, she said. No figures for the
volume of transactions in yuan were available from the NBC.
Cambodian
banks do not need NBC approval to remit Chinese currency, Nguon Sokha said. The
Chinese side, however, regulates tightly the flow of yuan in and out of its
borders.
Don
Weinland
The
Phnom Penh Post
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