Service will integrate with the renminbi global payment system.
The Philippine Dealing System Group and Bank of China, one of China’s Big Four state-owned banks, are establishing the infrastructure for a renminbi transfer service in the Philippines. Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said the service will provide bank members and their clients with a facility to execute real-time payments in and transfers of renminbi to domestic and international counterparties.
"Considering the magnitude and importance of the country’s transactions with China, it is only appropriate that we have a safe and efficient payment and transfer service for renminbi,” Guinigundo said. There are 11 banks offering renminbi-denominated products and services such as deposits, remittances, and trade settlement.
Renminbi-denominated deposit liabilities stood at US$90 million as of December 2012. From 2009 to 2012, renminbi deposits rose from 0.05% to 0.22% of the Philippine banking industry's deposit liabilities, and accounted for 0.22% to 1.04% of the total foreign exchange deposit liabilities.
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