The central banks of China and the Philippines appointed Bank of China Ltd.'s Manila branch as a clearing bank for yuan-denominated business in the Philippines, The Philippine Star reported Sept. 19.
Bank of China's Manila branch would enable Philippine-based banks to transfer yuan funds and take part in China's foreign exchange, securities and bond markets, according to Deng Jun, country head at the Chinese bank's Manila branch.
Yuan-dominated business in the Philippines rose 45.3% in the first half, while the total number of yuan-clearing activities jumped almost 74% in the period, the report added, citing the Society for Worldwide Interbank Financial Telecommunication, or SWIFT.
